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YEAR AMOUNT($) RATE(%) <br /> 2025 1,070,000 5.000 <br /> 2026 1,125,000 5.000 <br /> 2027 1,185,000 5.000 <br /> 2028 1,245,000 5.000 <br /> 2029 1,305,000 5.000 <br /> 2030 1,375,000 5.000 <br /> 2031 210,000 4.000 <br /> 2031 1,235,000 5.000 <br /> 2032 1,510,000 4.000 <br /> 2033 1,570,000 4.000 <br /> 2034 1,635,000 4.000 <br /> 2035 1,700,000 4.125 <br /> which 2015 Bonds may be called for redemption on September 1, 2024, at the redemption price <br /> of par plus accrued interest; and <br /> WHEREAS all or a portion of the 2014 Bonds and 2015 Bonds (collectively, the `Prior <br /> Bonds") bear interest at higher rates than those currently available in the bond markets and may <br /> be refunded for net debt service savings; and <br /> WHEREAS 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 it is necessary and desirable to provide for the issuance of not to exceed <br /> $31,500,000 principal amount general obligation bonds for such purpose; and <br /> WHEREAS the Council has determined that it is necessary and desirable to borrow not to <br /> exceed$31,500,000 at this time pursuant to the Act to provide for the Refunding and, in evidence <br /> of such borrowing, issue its full faith and credit bonds in the principal amount of not to exceed <br /> $31,500,000 (the "Refunding Bonds"); and <br /> WHEREAS the Council has further determined that it is necessary and desirable to finance <br /> certain water system infrastructure improvements, including replacing essential chemical feed <br /> -3- <br />