2008-99 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION BONDS

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S ti WHEREAS, the City has heretofore issued and there are now outstanding its General Obligation Note (Olde Towne Redevelopment Project), Series 2005 (the "2005 Note"), due on December 15, 2010 and bearing interest at a variable rate, the 2005 Note being callable prior to maturity at the option of the City on any date at a redemption price of par plus accrued interest to the date fixed for redemption; and WHEREAs, the City has heretofore issued and there are now outstanding its General Obligation Note (Olde Towne Redevelopment Project), Series 2008 (the "2008 Note"), due on December 31, 2009 and bearing interest at a variable rate, the 2008 Note being callable prior to maturity at the option of the City on any date at a redemption price of par plus accrued interest to the date fixed for redemption; and WHEREAS, the Corporate Authorities have heretofore, and it hereby expressly is, determined that it is advisable, necessary and in the best interests of the City and its citizens that the amounts drawn on the 2005 Note and the 2008 Note (being the "Refunded Notes"), be refunded in advance of maturity (the "Refunding"); and WHEREAs, the Refunded Notes are presently outstanding and unpaid and are binding and subsisting legal obligations of the City; and WxE1tEAs, in accordance with the terms of the Refunded Notes, the Refunded Notes may be called for redemption in advance of their maturity, and it is necessary and desirable to make such call for the redemption of such Refunded Notes on their earliest possible call date, and provide for the giving of proper notice to the registered owners of such Refunded Notes; and WxE�tEAs, the cost of the Refunding is not less than $3,042,400 plus investment earnings thereon; and WHEREAS, there are insufficient funds on hand and available to pay the costs of the Refunding, and it is necessary that the City borrow to pay the same and in evidence thereof issue -2- , .