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WxE�As the City has heretofore issued the following outstanding and validly subsisting <br /> and unpaid general obligations: <br /> TAXABLE GENERAL OBLIGATION BONDS,SERIES 2010A <br /> Original Principal Amount: $8,715,000 <br /> Dated: December 7,2010 <br /> Due December 15 as follows: <br /> YEAR AMOUNT($� RATE(%� <br /> 2019 495,000 4.750 <br /> 2020 520,000 4.750 <br /> 2021 545,000 5.000 <br /> 2022 580,000 5.000 <br /> 2023 815,000 5.250 <br /> 2024 855,000 5.500 <br /> 2025 635,000 5.700 <br /> 2026 680,000 5.875 <br /> 2027 715,000 6.000 <br /> 2028 450,000 6300 <br /> 2030 945,000 6.500 <br /> which bonds due on and after December 15,2021, may be called for redemption on December 15, <br /> 2020, at the redemption price of par plus accrued interest(hereinafter the "Prior Bonds"). <br /> WxE�As the Prior Bonds bear interest at higher rates than those currently available in the <br /> bond markets and may be refunded for net debt service savings; and <br /> WxE�As pursuant to the hereinafter defined Act, the City is authorized to issue general <br /> obligation bonds to accomplish the refunding of all or a selected portion of the Prior Bonds (the <br /> "Refunding"); and <br /> WxE�As the Council does hereby determine that it is necessary and desirable to borrow <br /> not to exceed $7,000,000 at this time pursuant to the Act to provide for the Refunding and, in <br /> evidence of such borrowing, issue its full faith and credit bonds in the principal amount of not to <br /> exceed $7,000,000 (the "Refidnding Bonds"); and <br /> -2- <br />