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24 <br />$1,244,455 for the 2010/11 tax year ($777,784,100 x .0016). The annual <br />principal and interest payments on the CIP Bonds proposed to be issued under <br />this CIP will average approximately $428,488. As such, debt service on the CIP <br />Bonds will be well within the annual limits under the CIP Act. <br />Details regarding the proposed terms of the CIP Bonds under this CIP are shown in <br />Appendix A. A schedule of events for approval of the CIP and issuance of the CIP <br />Bonds is shown in Appendix B. <br />Continuation of the Capital Improvement Plan <br />This Capital Improvement Plan should be reviewed annually by the City Council using <br />the process outlined in this Plan. It should review proposed expenditures, make priority <br />decisions, and seek funding for those expenditures it deems necessary for the City. If <br />deemed appropriate, the Council should prepare an update to this Plan. <br />City of St. Anthony 2011-2015 Capital Improvement Plan Page 7 <br />