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In reviewing the reserve requirements for the refunding issue, the best approach to set aside <br /> the maximum annual debt service reserve of $96,035 is as follows: (See attached) • <br /> 1) Dedicate $ 37,387.50 of original issue reserve funds. <br /> 2) Dedicate-$ 25,333.24 of original issue interest earnings <br /> reserves. <br /> 3) Redirect $30,000.00 of $100,000 liquor transfer <br /> to capital equipment. <br /> Recommendation <br /> Council call the original issue of liquor revenue bond debt and issue $405,000 Liquor <br /> Revenue Refunding Bonds. Also, Council approve the designation of reserves as outline by <br /> staff. <br /> Mr. Thistle will be present at this meeting with the proper resolutions and paperwork to <br /> initiate-the process. <br /> • <br />