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D. WHEREAS, the City has outstanding General
<br />Obligation Improvement Bonds, Series 1988A, dated September 1,
<br />1988 (the "Prior 1988 Bonds"), and has heretofore determined and
<br />declared that it is necessary and expedient to provide moneys,
<br />together with other available funds, to refund in advance of
<br />maturity the outstanding Prior 1988 Bonds, which mature in 1999,
<br />and thereafter in the principal amount of $525,000 (the "Refunded
<br />1988 Bonds"). The Prior 1988 Bonds were issued for the purpose
<br />of providing money to finance certain costs of assessable public
<br />improvements (the 111988 Project") within the City pursuant to the
<br />resolution of -the City Council, dated August 22, 1988,
<br />authorizing the issuance of the Prior 1988 Bonds (the "Prior 1988
<br />Resolution"); and
<br />E. WHEREAS, $600,000 of the principal amount of the
<br />Prior 1988 Bonds which mature on or after March 1,.1999., are
<br />callable on September 1, 1998, at a price of par plus accrued
<br />interest, as provided in the Prior 1988 Resolution; and
<br />F. WHEREAS, the City has also outstanding General
<br />Obligation Improvement Bonds of 1991, dated January 16, 1991 (the
<br />"Prior 1991 Bonds"), and has also heretofore determined and
<br />declared that it is necessary and expedient to provide moneys,
<br />together with other available funds, to refund in advance of
<br />maturity the outstanding Prior 1991 Bonds, which mature in 1999,
<br />and thereafter in the principal amount of $860,000 (the "Refunded
<br />1991 Bonds"). The Prior 1991 Bonds were issued for the purpose
<br />of providing money to finance the construction of various street
<br />improvements (the 111991 Project") in the City pursuant to the
<br />resolution of the City Council, dated January 7, 1991,
<br />authorizing the issuance of the Prior 1991 Bonds (the "Prior 1991
<br />Resolution");
<br />G. WHEREAS, $860,000 of the principal amount of the
<br />Prior 1991 Bonds which mature on or after February 1, 1999, are
<br />callable on August 1, 1998, at a price of par plus accrued
<br />interest, as provided in the Prior 1991 Resolution; and
<br />H. WHEREAS, the Prior 1988 Bonds and the Prior 1991
<br />Bonds are hereinafter referred to collectively as, the "Prior
<br />Bonds"; the Refunded 1988 Bonds and the Refunded 1991 Bonds are
<br />hereinafter referred to collectively as, the "Refunded Bonds; the
<br />1998 Project and. the 1991 Project are hereinafter referred to
<br />collectively as, the "Project"; and the Prior 1988 Resolution and
<br />the Prior 1991 Resolution are hereinafter referred to
<br />collectively as, the "Prior Resolution"; and
<br />I. WHEREAS, the refunding of the Refunded Bonds, is
<br />consistent with covenants made with the holders thereof, and is
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