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FINANCIAL MANAGEMENT DEPARTMENT <br /> #00-03 i <br /> February 17, 2000 <br /> MEMO TO: Honorable Mayor and City Council Members <br /> FROM: Stephen L. Garman, City Manager <br /> Beth B. Couter, Director of Financial Management �� <br /> RE: Abating the Real Estate Taxes for 2000 General Obligation Refunding Bonds <br /> Attached is the abatement ordinance for the new 2000 General Obligation Refunding <br /> Bonds. This ordinance must be filed with the County Clerk prior to the 1999 real estate taxes <br /> being extended. <br /> The City will receive approximately $3 million from prepaid interest and principal <br /> accounts when the 1985 Water Revenue Bonds are refunded on Thursday, February 24th. We <br /> will then use this money to pay the majority of the first year's principal and interest payments for <br /> the 2000 GO Refunding issue. <br /> City staff will be at the Council meeting to answer any questions the Council may have. <br />