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Regular City Council Meeting <br />June 9,2003 <br />Page 19 <br /> <br />meet with the Council at the regular meeting in August and bring a formal <br />proposal, which the Council will look at in detail and decide to accept or reject <br />the proposal. Mr. Almon advised that for the Council to feel good about <br />Southwest Securities going forward with this endeavor, he had run out the <br />savings report that Mr. Anderson just passed out. This will give City Council <br />ideas to quantify where the savings are today in today' s market. Mr. Almon said <br />this report represents the principal and interest in total of a proposed new bond <br />issue. The proceeds of which would be adequate to pay all the cost of issuance <br />and also pay off the principal and interest of those old bond issues, the 1993 and <br />1994 series up to the point that you could take them away from holders and <br />cancel those bonds. Mr. Almon said that the 1993 bond can be taken away from <br />holders on December 15, 2003, and the 1994 series can be taken away from <br />holders on December 15, 2004. Mr. Almon advised that once the new refunding <br />bonds are sold and delivered, that money is placed in escrow and invested until <br />those bonds can be taken away from the holders and cancelled. <br /> <br />City Attorney Schenk advised that as Agenda Item No. 5C has been tabled <br />because of not having the full amount of information in regard to the budget. <br />This particular presentation was structured to be part of that over all presentation <br />of the budget and that is why they are doing this tonight. He said that since Mr. <br />Almon is here tonight, the balance of the presentation will be done on June 16, <br />2003, and the council will need to include and incorporate this impact on the <br />budget at that time. City Attorney Schenk suggested bringing that item from the <br />table. <br /> <br />A motion was made by Councilman Bell, seconded by Mayor Pro Tem <br />McCarthy, to bring Agenda Item No. 5C, receipt of a preliminary 2003-2004 <br />budget from the water and wastewater departments, from the table. The motion <br />carried 7 ayes, 0 nays. <br /> <br />Mr. Almon pointed out from his report that the right hand column represents a <br />period through the year 2015, during which the City of Paris could save <br />approximately $700,000.00 plus dollars. He said that was based on the interest <br />rates, which is shown in the third column from the left under proposed coupon <br /> <br /> <br />