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GENERAL OBLIGATION REFUNDING BONDS,SERIES 2004B <br /> Original Principal Amount: $29,070,000 <br /> Dated: March 1, 2004 <br /> Due March 1 as follows: <br /> YEAR AMOUNT($) RATE(%) <br /> 2013 1,225,000 3.250 <br /> 2014 1,265,000 4.000 <br /> 2015 1,315,000 4.000 <br /> 2016 1,365,000 4.000 <br /> 2017 1,425,000 4.000 <br /> 2018 1,480,000 4.000 <br /> 2019 1,540,000 4.000 <br /> 2020 1,605,000 4.000 <br /> 2021 1,675,000 4.000 <br /> 2022 1,745,000 4.125 <br /> 2023 1,825,000 4.250 <br /> 2024 1,905,000 4.300 <br /> 2025 1,990,000 4.300 <br /> which bonds due on and after March 1, 2014, may be called for redemption on March 1, 2013, at <br /> the redemption price of par plus accrued interest(hereinafter the -2004B Bonds"). <br /> WHEREAS the 2004A Bonds and the 2004B Bonds (collectively, the "Prior Bonds") bear <br /> interest at higher rates than those currently available in the bond markets and may be refunded <br /> 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 /> $30,000,000 principal amount general obligation bonds for such purpose and for the purpose of <br /> realizing such net debt service savings from the Refunding; and <br /> WHEREAS the Council does hereby determine that it is necessary and desirable to borrow <br /> not to exceed $30,000,000 at this time pursuant to the Act to provide for the Refunding and, in <br /> -3- <br /> 18 <br />