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Bond Sale Report <br /> <br />To help the City achieve the lowest possible interest rates, we are proposing an alternative sale <br />process. The process will begin with a traditional approach. We will schedule the sale for <br />Council meeting date of September 17, 2001. Ehlers will monitor the market for all scheduled <br />sales and other relevant factors. If we believe that the City will be better served by an alternative <br />date, we will propose an alternative sale date. In adopting the resolution calling for the sale of <br />bonds (attached to this report), the City Council authorizes the City Administrator to change the <br />sale date and authorizes the City Administrator and the Mayor to accept the low bid on that date. <br />The bond resolution would be brought to the City Council for ratification at the next scheduled <br />meeting. <br /> <br />We believe that the flexibility created by this approach will help the City achieve the lowest <br />interest costs for the debt. The process maintains good administrative oversight on the process. <br /> <br />The Bonds will be dated October 1, 2001. The first interest payment on the Bonds will be August <br />1, 2002, and semiannually thereafter on February 1 and August 1. Principal on the Bonds will be <br />due on February 1 in the years 2003 through 2022. We recommend that Bonds maturing in the <br />years 2011 through 2022 be subject to prepayment at the discretion of the City on February 1, <br />2010 and any date thereafter. <br /> <br />Page 4 <br /> <br /> <br />