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iii REFUNDING OPPORTUNITIES <br /> 111, <br /> We have reviewed all outstanding indebtedness for the City and the EDA and find that there <br /> are no immediate refunding opportunities for either at this time. We will continue to monitor <br /> the market and the call dates and alert you to any future opportunities <br /> MARKET CONDITIONS <br /> The following graph shows the trends in the Bond Buyer's 20-Year G.O. Index(BBI) since <br /> 1981 Interest rates remain near historic lows. <br /> TWENTY-YEAR BOND BUYER INDEX <br /> 14 E�hlei s & Aoc�-iate.s Inc <br /> 12 � 1ilf n <br /> % S ,..'�3':. 'mak <br /> +� 10 1 ' x 5.20% 1 <br /> 4111/ ,I se-C ,- s� 10/21/93 'C� <br /> V 9 ®fid4� All Time Low <br /> *1%-ilAtiii:i <br /> � 482% <br /> .„.. , <br /> $ .vski 10/01/98 0114 0 <br /> 6 <br /> 5 . Y <br /> 11 838485868788899091 92 93 94 95 96 97 98 99 00 01 02 <br /> 1983 - 2002 <br /> Ea July 2002 Bond Buyer Index 5.10% <br /> i <br /> Page 7 <br />