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Bond Sale Report <br /> <br />Market Conditions <br /> <br />The Bond Buyer's 20-Year G.O. Index (BBI) currently stands at 5.51% The chart below illustrates trends <br />in tax-exempt interest rates over recent years. Changes in the BBI also illustrate the relative trend for <br />taxable rates. Rates have followed a downward trend during the last half of 2000. The current BBI is <br />below the median Index since 1995. Significant changes in rates are not expected prior to the sale. <br /> <br />Be:nd Buyer's 20-Yecr Index <br /> <br />7.00% <br /> <br />6.50% <br /> <br />6.00% <br /> <br />5.50% <br /> <br />5.00% <br /> <br />4.50% <br /> 1995 <br /> <br />HI I[ Il lll Il IH II II It IIIII II II IIHI II Iltll II II IIIII II IIIII II II I[HI II I[ II Ill Il II Ill I114 II Ill I$ II Bill ~1 ll ll~ il II IIHI II II ~IHI II ~1111 II II IIIII II II I'll II fl IIIII ~1 II I&DI ~1 IIHg II Ii IIIII II II IIHI II IIIII II [I IIIII II II II Ill II li tll II ii IIIII II II il lll II IH II II ~1 Il lll II II I il II II II lll ~l It ItHI Ii IH II II Ill <br /> <br /> 1996 1997 1998 1999 2000 <br /> <br />Issuing Process <br /> <br />Following is a tentative schedule for the steps in the issuing process. <br /> <br />September 25, 2000 <br />Week of October 9 <br /> <br />Week of October 16 <br /> <br />October 23, 2000 <br /> <br />November 14, 2000 <br /> <br />City Council adopts resolution calling for the sale of the <br />Bonds. <br />Submit draft Official Statement and rating materials to <br />Moody's Investors Service for credit rating. <br />Distribute Official Statement <br />Receive credit rating <br /> <br />Bond sale <br /> <br />Bond closing (estimated) <br /> <br />C:XProjects~ActiveXElk River~2000BondsXPreTIF. wpd <br /> <br />8 <br /> <br /> <br />