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MAY. 20.2003 8:13AM EHLER8 A ASSOC.NO. 7371 P. 2/7 <br />I <br />9,2003 <br />EHLERS <br />& ASSOCIATES INC <br />TornKudm <br />City of Orooo Fiuoce Dir <br />P.O.Box 06 <br />Oioao, MN 5S323<0066 <br />Re: $885,000 Genenl Obligadoii Sewer In^ovement Refuading Br»ii •Tijr* <br />Attoched tie schedules wWch we hevc discussed by phone which indicac the aty mig^ <br />estunated $46,479 over a period of 5 yean by reftmdiiig the 0.0. Sewer liiqMovenent Bonds <br />wWch were issued in 1992. (Please see pwe 4 ofthe attached material.) This savings is net ofall costs of issuance. <br />As you know, municipal bond interest ratcf are currently very &voraUe, and this transaction can <br />^Oooema cuu^i" lefiinding wduch nKams that the 1992 hotida en rftiitd as soon as 30 <br />diys notice is given to the bondholders. Payments on the "new" issue will replace those on the <br />1992 issue beginning Fdmiary 1,2004. <br />We have discussed holding^ sale ofthe Refunding bonds at Oie same meeting, May27, as the <br />sale the Orono HRA is holding to sell die Revenue Bonds to finance the Fire Station/Equipment <br />If the Cm-ncU wishu to proceed with thiij Schedule, an appropriate actkm at the May 12 meeting <br />would be "to autborue city stafifm work tpith Ehlers A Associates, Inc. to Tolicitproposels for <br />the sale of .^885,000 General Obligaiion Se^ Innxovement Refunding rionds and report the <br />results to the Council for consideration atib meeting May 27.” <br />Please call with any questions you might uve <br />Sincerely, <br />Executive Vice President/Director <br />attachment <br />LEADERS IN PUBLIC <br />3010 CtRTra Pouilt Prfvt. ie8f«tll8. MN 551131 <br />iOuii Ofnnnueity Cttfiottr <br />finance <br />CR)P(ir Altmbtr ihg Hltionni Aimipdgn <br />•f lidtpMieni Pphtic Fiijnet Advixnri <br />(I CSl.S97.aSB0 fn 091.007.asss www.tkltrfiac.€•11