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GENERAL OBLIGATION BONDS,SERIES 1998 <br /> Original Principal Amount: $5,200,000. <br /> Dated June 30, 1998. <br /> Originally Due January 1, 1999-2018. <br /> Amount proposed to be refunded: $1,820,000. <br /> Refunded Bonds Due January 1 as follows: <br /> YEAR AMOUNT($) RATE(%) <br /> 2012 260,000 5.00 <br /> 2013 260,000 5.10 <br /> 2014 260,000 5.10 <br /> 2015 260,000 5.20 <br /> 2016 260,000 5.25 <br /> 2017 260,000 5.25 <br /> 2018 260,000 5.25 <br /> which bonds (the "Refunded Bonds") shall be called for redemption on their earliest possible call <br /> date, at the redemption price of par plus accrued interest; and <br /> WHEREAS, pursuant to the hereinafter defined Act, the City is authorized to issue general <br /> obligation bonds to accomplish the refunding (the "Bond Refunding") of the Refunded Bonds <br /> and it is deemed necessary and desirable to provide for the issuance of $1,805,000 principal <br /> amount general obligation bonds for such purpose and for the purpose of realizing net debt <br /> service savings from the Bond Refunding; and <br /> WHEREAS, the Council does hereby determine that it is advisable and in the best interests <br /> of the City to borrow $1,805,000 at this time pursuant to the Act for the purpose of paying the <br /> costs of the Bond Refunding and, in evidence of such borrowing, issue its full faith and credit <br /> bonds in the principal amount of$1,805,000; <br /> -5- <br />