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Year Amount 1993 Refunding Bonds 1994 Refunding Bonds Nonrefunding Bonds 2005 $165,000 2006 175,000 2007 180,000 2008 185,000 2009 195,000 2010 200,000 2011 210,000 2012 220,000 2013 230,000 2014 235,000 $ 85,000 95,000 95,000 100,000 105,000 $ 80,000 8O,OO0 85,000 85,000 90,000 95,000 $105,000 210,000 220,000 230,000 235,000 $ 1,995,000 $ 480,000 $ 515,000 $1,000,000 The 1993 Refunding Bonds and the 1994 Refunding Bonds are sometimes collectively referred to in this Resolution as the "Refunding Bonds." 3. Purposes; Refunding Findings. The Refunding Bonds shall provide moneys for a current refunding of the City's Refunded Bonds, which refunding shall forthwith occur on February 1, 2004, or on such subsequent date (the "Refunding Date") as shall be arranged by or on behalf of the City Finance Director, but in all events not later than 90 days after the actual issuance and delivery of the Bonds. It is hereby found, determined and declared that such refunding is necessary or desirable for the reduction of debt service cost to the City and/or the adjustment of the maturities of the Prior Bonds in relation to the sources for their repayment and will result in a reduction of debt service cost to the City. All of the proceeds, including all investment earnings thereon, of the Prior Bonds have heretofore been expended by the City for the uses and purposes for which the City issued said Prior Bonds. The balance in the debt service account heretofore established by the City for the payment of the principal of and interest on the 1993 Bonds has been taken into account in appropriately sizing the 1993 Refunding Bonds, and some monies therein are expected to be combined as of the Refunding Date, to the extent necessary, with the available proceeds of the 1993 Refunding Bonds in order to obtain a sum sufficient to accomplish the refunding of the 1993 Bonds and to pay the regularly scheduled debt service due on the 1993 Bonds on said date; otherwise, the current and anticipated balances in said debt service account do not exceed and are not expected to exceed the aggregate amount of regularly scheduled debt service on the 1993 Bonds which is payable on or before the Refunding Date. The balance in the debt service account heretofore established by the City for the payment of the principal of and interest on the 1994 Bonds has been taken into account in appropriately sizing the 1994 Refunding Bonds, and some monies therein are expected to be combined as of the Refunding Date, to the extent necessary, with the available proceeds of the 1994 Refunding Bonds in order to obtain a sum sufficient to accomplish the refunding of the 1994 Bonds and to pay the regularly scheduled debt service due on the 1994 Bonds on said date; 1580841vl 6