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5. That pursuant to the Act, the Council adopted an ordinance on the 5th day of <br /> October, 2009, providing for the payment of the outstanding Prior Notes, and authorizing <br /> the abatement of the taxes related to the Prior Notes. <br /> 6. That funds of the City will be used for the purpose of refunding all of the <br /> Prior Notes described in paragraph 3 hereof as follows: <br /> $7,225,000 Taxable General Obligation Notes, Series 2007, dated October 1, <br /> 2007, being all of the notes outstanding from an issue in the original principal <br /> amount of $7,225,000, fully registered and without coupons, due on <br /> December 15, 2010 and bearing interest at the rate of 5.15% per annum, which <br /> bonds are subject to redemption on December 15, 2009. <br /> 7. That pursuant to the Act, you are hereby notified and directed to make <br /> proper reduction of the taxes heretofore levied for the year 2009 (collectible in 2010), for <br /> the payment of the Prior Notes described in paragraph 3 hereof by abating all of said <br /> taxes levied for said year for such purpose in its entirety. <br /> 8. That except as set forth in paragraph 7 hereof, the taxes heretofore levied by <br /> the City for the payment of principal of or interest on its general obligation bonds and <br /> notes should not be abated at this time. <br /> -2- <br />