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Resolution to the same extent as if set forth in full herein, and if and to the <br />extent that any provisions of this Resolution or the Bonds are inconsistent or <br />in conflict with the provisions of the Letter of Representations, the provisions <br />in the Letter of Representations shall control. <br /> <br />Purpose; Refunding Findings. The Bonds shall provide moneys for a current <br />refunding of the City's Refunded Bonds. It is hereby found, determined and declared <br />that such refunding is necessary or desirable for the reduction of debt service cost to <br />the City and/or the adjustment of the maturities of the Prior Bonds in relation to the <br />sources for their repayment and will result in a reduction of debt service cost to the <br />City. All of the proceeds, including all investment earnings thereon, of the Prior <br />Bonds have heretofore been expended by the City for the uses and purposes for <br />which the City issued said Prior Bonds. The balance in the debt service account <br />heretofore established by the City for the payment of the principal of and interest on <br />the 1989B Bonds has been taken into account in appropriately sizing the 1989B <br />Refunding Bonds, and some monies therein are expected to be combined as of <br />February 1,2001, to the extent necessary, with the available proceeds of the 1989B <br />Refunding Bonds in order to obtain a sum sufficient to accomplish the refunding of <br />te 1989B Bonds and to pay the regularly scheduled debt service due on the 1989B <br />Bonds on said date; otherwise, the current and anticipated balances in said debt <br />service account do not exceed and are not expected to exceed the aggregate amount <br />of regularly scheduled debt service on the 1989B Bonds which is payable on or <br />before February 1, 2001. The City has observed and complied with all of its <br />obligations and covenants made by the City in connection with the issuance of the <br />Prior Bonds. <br /> <br />The balance in the debt service account heretofore established by the City for the <br />payment of the principal of and interest on the 1990A Bonds has been taken into <br />account in appropriately sizing the 1990A Refunding Bonds, and some monies <br />therein are expected to be combined as of February 1, 2001, to the extent necessary, <br />with the available proceeds of the 1990A Refunding Bonds in order to obtain a sum <br />sufficient to accomplish the refunding of te 1990A Bonds and to pay the regularly <br />scheduled debt service due on the 1990A Bonds on said date; otherwise, the current <br />and anticipated balances in said debt service account do not exceed and are not <br />expected to exceed the aggregate amount of regularly scheduled debt service on the <br />1990A Bonds which is payable on or before February 1, 2001. <br /> <br />Interest Rates. The Bonds shall bear interest payable semiannually on February 1 <br />and August 1 of each year (each, an "Interest Payment Date"), commencing August <br />1, 2001, calculated on the basis of a 360-day year consisting of twelve 30-day <br />months, at the respective rates per annum set forth opposite the maturity years as <br />follows: <br /> <br />1218143.1 <br /> <br /> <br />