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Mr. Donald F. Puuh•y <br />Mr. Donald ISruget <br />14 October 1983 <br />page 4 <br />We would be pleased to meet with you to discuss further and in more detail this <br />report. We believe it is essential that any comparisons of defeasance proposals <br />should be made with realistic assumptions as to securities to be purchased and <br />the price of those securities. If this is not the case, the estimated savings to <br />the City will vary. <br />You should be aware that Springsted Incorporated to date in 1983 has been <br />involved in 33 refunding bond programs which required defeasance programs <br />similar to this proposed program. <br />Respectfully, <br />Ronald W. Langness <br />Senior Vice President <br />/gf <br />1� <br />u <br />• <br />0 <br />