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payments equal to debt service on the Series 2002A and Series 2002B <br />Bonds. <br />The City has now determined to exercise its purchase option under the lease <br />agreement with the EDA in order to acquire fee title to the Buildings and <br />refund the Series 2002A and Series 2002B Bonds. The City proposes to <br />finance the acquisition through issuance of CIP Bonds under the CIP Act <br />and this CIP. The proposed CIP Bonds would be issued sometime in the <br />next five years, in a principal amount not to exceed $8,000,000. The CIP <br />Bonds may be issued in one or more series and may refund the Series 2002A <br />Bonds and Series 2002B Bonds separately or together. The call dates on the <br />Series 2002A Bonds and Series 2002B Bonds are both on 2/1/2013. <br />City of Elk River CIP for Financing Purposes Page 6 <br />