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City of Little Canada <br />January 10, 1990 <br />Page 3 <br />As shown above, the existing Debt Service Tax Levies of the City expire in the year 1999. <br />Accordingly, proposed tax levies to finance the Revised Installment Purchase Contract will <br />increase such levies (by approximately 30 %) until the year 1999. The debt service <br />payments and the related tax levies have been arbitrarily increased for the years 2000, 2001 <br />and 2002 because such increase will not adversely effect tax levies in those years. <br />As shown herein, the effect of this Revised Installment Purchase Contract in the amount of <br />$1,620,000 will to an increase future debt setvice tax levies of the City. The 1989/90 Debt <br />Service Tax Levies were 39% of the total City tax levy. Accordingly, these new debt <br />service tax levies should increase the City's total tax levy by approximately 12% (i.e. 30% <br />times 39 %). <br />If you have any further questions, please don't hesitate to call. <br />Yours very truly, <br />VOTO, TAUTGES, REDPATH & CO., LTD. <br />Robert J. Voto, CPA <br />RJV /smm <br />/Igoe 5 <br />