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Mayor & City Council <br />November 6, 1998 <br />Page 2 <br />redemption period to 30 years while at the same time lowering the interest rate from 7% to 6.5 %, <br />annual payments will be reduced by approximately $6,000 per year ($17,600.95 versus <br />$11,669.59). This will help with the District's cash flow. <br />I can make this recommendation given current economic conditions and based upon the fact that <br />we are working with another public entity. I am sure the Tri- magnet School District would like <br />additional consideration beyond my recommendation. That will be a policy issue for the Council <br />to consider. <br />Your reaction to my proposal would be appreciated at Tuesday's meeting. I will then forward <br />that on to Mr. Storti for his consideration and subsequent discussion by the Tri- District School <br />Board. <br />JRH:kpp <br />cc: P. Fred Storti <br />Page 22 <br />