Laserfiche WebLink
been done, existing, having happened and having been performed, it is now necessary for this <br /> Council to establish the form and terms of the Bonds, to provide security therefor and to issue the <br /> Bonds forthwith. <br /> 1.04. Savings. It is hereby determined that: <br /> (i) by the issuance of the Bonds to refund the Prior Bonds, the City will realize a <br /> substantial interest rate reduction, a gross savings of approximately $236,982.95 and a present <br /> value savings (using the yield on the Bonds, computed in accordance with Section 148 of the <br /> Internal Revenue Code of 1986, as amended (the "Code"), as the discount factor) of <br /> approximately$220,691.42; and <br /> (ii) as of the Redemption Date, the sum of(i) the present value of the debt service <br /> on the Bonds, computed to their stated maturity dates, after deducting any premium, using the <br /> yield of the Bonds as the discount rate, plus (ii) any expenses of the refunding payable from a <br /> source other than the proceeds of the Bonds or investment earnings thereon, is lower by 12.818% <br /> than the present value of the debt service on the Prior Bonds, exclusive of any premium, <br /> computed to their stated maturity dates, using the yield of the Bonds as the discount rate. <br /> Section 2. Form of Bonds. The Bonds shall be prepared in substantially the <br /> following form: <br /> -2- <br />