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. . . earliest dates when such outstanding bonds may be called for redemption. The five (5) outstanding bond issues are described as follows: Title of Issue Outstanding Principal Amount Date of Issue $1,065,00 General obligation Improve- ment Bonds of 1981 July 1, 1981 1,015,000 $770,000 General Obligation Improve- ment Bonds of 1981, Series B September 1, 1981 620,000 $1,000,000 General Obligation Improve- ment Bonds of 1983 September 1, 1983 940,000 $165,000 General Obligation Improve- ment Bonds of 1983, Series B December 1, 1983 165,000 $310,000 General Obligation Improve- ment Bonds, Series 1984 August 1, 1984 310,000 1.02 This Council has previously authorized the resurfacing of Ridgewood Lane in the City, which improvement is to be financed by means of an issue of improvement bonds, payable primarily from special assessments against the benefitted properties. Springsted has recommended that an additional amount of bonds be issued and sold in a single combined bond issue to provide the necessary sums for the financing of the Ridgewood Lane improvement, together with the funds necessary to carry out the refunding of the five (5) outstanding improvement bond issues. 1.03 Springsted has recommended that the sale of refunding and improvement bonds in the aggregate principal amount of Two Million Six Hundred Forty Thousand Dollars ($2,640,000) be authorized, but that provision be made for increasing or reducing the face amount of the bonds by an amount not to exceed One Hundred Seventy-five Thousand Dollars ($175,000), depending upon the actual interest rates proposed by the bids received for purchase of the bonds. Springsted has further advised that a substantially reduced interest rate can be obtained by the purchase of municipal bond guaranty insurance for the payment of principal and interest on the bonds from the Municipal Bond Insurance Association (MBIA) and seeking a rating with respect to the bonds from Moody's Investment Services, Inc. (Moody's). 2 .