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<br /> <br />*Item 3.It! <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and City Council <br /> <br />FROM: Lori Johnson, Finance and Administrative Services <br />Director/Interim City Administrator <br /> <br />DATE: December 5, 2005 <br /> <br />SUBJECT: Resolution Calling for Redemption of G.O. Improvement <br />Bonds, Series 1997 A; G.O. Improvement Bonds, Series 1999A; <br />G.O. Permanent Improvement Revolving Fund Bonds, Series <br />2000B; and G.O. Improvement Refunding Bonds, Series 2000C <br /> <br />Attached is a resolution calling for the early redemption of bond issues including the 1997 A <br />G.O. Improvement Bonds, 1999A G.O. Improvement Bonds, 2000B Permanent <br />Improvement Revolving Bonds, and 2000C Refunding Bonds. These bonds were issued to <br />fund various improvement projects that were assessed to the benefiting property owners. <br />Special assessment prepayments have created cash reserves large enough to fund the <br />prepayment of these bond issues. Prepayment of the issues will result in interest savings on <br />the prepaid balances. <br /> <br />Action Requested <br />The City Council is asked to adopt the attached resolution calling for redemption of <br />outstanding 1997A G.O. Improvement Bonds, 1999A G.O. Improvement Bonds, 2000B <br />Permanent Improvement Revolving Bonds, and 2000C Refunding Bonds. <br />