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Use of $54,000 Reduction in <br />Road Levy <br />Paying off the 1997A Bonds in 2008 <br />allows the City to continue to levy this <br />without negative impact to community <br />Funds will be utilized to: <br />Continue to fund Salo Park Maintenance <br />from HRA fund <br />Approximately $25,000 <br />Increase HRA Levy <br />$30,000 to cover costs of administration <br />Existing Debt Analysis <br />Currently have cash available in bond fund <br />to payoff bonds <br />In 2008 payoff: <br />■ 1999A Road Reconstruction Bond <br />o Portions of Wilson Street and Pahl Avenue <br />o Can reduce levy by $34,500 in 2009 <br />■ 2003D Bond <br />o Refunding of 1993A, 19946 and 1995 bonds <br />© Can reduce levy by $52,400 in 2009 <br />■ After paying off these issues, oldest outstanding <br />debt of City will be from 2000 (6+ years old) <br />47 <br />7 <br />