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July 21, 1988 <br />Mayor Michael Fahey <br />515 Little Canada Road <br />St. Paul, MN 55117 <br />c/o Mr. Joseph Chlebeck, City Clerk- Treasurer <br />JURAN & MOODY, INC. <br />Investment Securities Since 1939 <br />Minnesota Mutual Life Center <br />400 North Robert Street - Suite 800 <br />Saint Paul, Minnesota 55101 -2091 <br />Telephone 612/224-1500 <br />Minn. Wats 1- 800 - 752 -4886 <br />Outstate -Wats 1 -800- 328 -3833 <br />1 <br />q 1C \, <br />1a <br />�/ RECEIVE° \ °� ., <br />1983 <br />,i�1u��� 1. <br />City of ! .,. <br />y`\ Little Canada <br />RE: RESOLUTION CALLING GENERAL OBLIGATION REFUNDING BONDS OF 1978 <br />Dear Mayor Fahey and Council Members: <br />I spoke with Bob Voto and Joe Chlebeck last week regarding the <br />General Obligation Refunding Bonds of 1978 which are outstanding for <br />the City of Little Canada. <br />We recommend that you pass the attached resolution calling these <br />bonds at your July 27th council meeting. <br />We make this recommendation based upon several facts: <br />1. The bonds have been callable since March 1, 1986. <br />2. Sufficient cash balances exist in the debt service <br />account of call these bonds. <br />3. If you do not call these bonds, they are subject to <br />arbitrage restrictions and you would have to restrict <br />the yield on the invested funds in the debt service <br />account to 5.797691%. <br />Please advise if we can be of any assistance in this matter, please <br />advise. <br />BF /dIg <br />enclosure <br />Sincerely, <br />Brad Earn am <br />Vice Presiden <br />Saint Paul, MN - Minneapolis, MN - Houston. TX - Clearwater, FL <br />Page 106 <br />