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Year <br /> <br />Amount <br /> <br />1993 1994 Nonre funding <br />Refunding Bonds Refunding Bonds Bonds <br /> <br />2005 <br />2006 <br />2007 <br />2008 <br />2009 <br />2010 <br />2011 <br />2012 <br />2013 <br />2014 <br /> <br /> The 1993 Refunding Bonds and the 1994 Refunding Bonds are sometimes collectively <br />referred to in this Resolution as the "Refunding Bonds." <br /> <br /> 3. Purposes; Refunding Findings. The Refunding Bonds shah provide moneys for a <br />current refunding of the City's Refunded Bonds, which refunding shah forthwith occur on February <br />1, 2004, or on such subsequent date (the "Refunding Date") as shall be arranged by or on behalf of <br />the City Finance Director, but in all events not later than 90 days after the actual issuance and <br />delivery of the Bonds. It is hereby found, determined and declared that such refunding is necessary <br />or desirable for the reduction of debt service cost to the City and/or the adjustment of the <br />maturities of the Prior Bonds in relation to the sources for their repayment and will result in a <br />reduction of debt service cost to the City. All of the proceeds, including all investment earnings <br />thereon, of the Prior Bonds have heretofore been expended by the City for the uses and purposes <br />for which the City issued said Prior Bonds. The balance in the debt service account heretofore <br />established by the City for the payment of the principal of and interest on the 1993 Bonds has been <br />taken into account in appropriately sizing the 1993 Refunding Bonds, and some monies therein are <br />expected to be combined as of the Refunding Date, to the extent necessary, with the available <br />proceeds of the 1993 Refunding Bonds in order to obtain a sum sufficient to accomplish the <br />refunding of the 1993 Bonds and to pay the regularly scheduled debt service due on the 1993 Bonds <br />on said date; otherwise, the current and anticipated balances in said debt service account do not <br />exceed and are not expected to exceed the aggregate amount of regularly scheduled debt service on <br />the 1993 Bonds which is payable on or before the Refunding Date. <br /> <br /> The balance in the debt service account heretofore established by the City for the payment <br />of the principal of and interest on the 1994 Bonds has been taken into account in appropriately <br />sizing the 1994 Refunding Bonds, and some monies therein are expected to be combined as of the <br />Refunding Date, to the extent necessary, with the available proceeds of the 1994 Refunding Bonds <br />in order to obtain a sum sufficient to accomplish the refunding of the 1994 Bonds and to pay the <br />regularly scheduled debt service due on the 1994 Bonds on said date; otherwise, the current and <br />anticipated balances in said debt service account do not exceed and are not expected to exceed the <br /> <br />S:~ADMIN ~Resolutions~2003 Resolutions N Unapproved~Bond2.D OC <br /> <br /> <br />