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<br />5. Market Conditions: <br /> Local Inventory Bond Buyer's Index <br />ll/2/62 $3,790,000 3.01 <br />11/9/62 4,870,000 3.05 <br />ll/l6/62 4,697,000 3.05 <br />ll/23/62 4,424,000 3.05 <br />11/30/62 4,190,000 3.l0 <br />12/7/62 5,l36,OOO 3.ll <br />12/14/62 6,l10,000 3.06 <br />12/21/62 6,464,000 3.06 <br />12/28/62 5,527,000 3.05 <br />l/4/63 4,443,000 3.05 <br />1/ll/63 4,545,000 3.04 <br />1/18/63 4,506,000 3.09 <br />1/25/63 4,195,000 3.14 <br /> <br />COMMENT: Volume of municipal bonds in 1963 may show a <br />moderate increase. Long term rates during 1963 will be <br />affected by thepolicies of U. S. Treasury and government <br />bond market. This is complicated by the uncertainty of <br />proposed tax cuts for individuals and corporations as well <br />as financing for substantial governmental debt. Tax cuts <br />proposed could result in possible higher municipal rates. <br />It is expected the 1963 market will follow the same pattern <br />of 1962 within a fairly narrow price range. Unknown factors <br />do cause uncertainties prohibiting more accurage prediction. <br /> <br />6. Proposed Series 2 Water Bond issue: <br /> <br />Consideration should be given whether the entire <br />$2,500,000 should be scheduled for sale at this time in view <br />of other financing requirements. Such a large block would <br />restrict normal expected competition because of necessity <br />to spread liability by merging syndicate accounts. If <br />requirements necessitate selling the full amount, we suggest <br />the following schedule, assuming the assessment hearing will <br />be held in the fall of 1963 and assessment certified for <br />collection commencing in 1964: <br /> <br />$500,000 <br />$lOO,OOO <br /> <br />1964 <br />1965 - 1984 <br /> <br />3 <br />