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MILLIKIN UNIVERSITY <br /> D E C A T U R , I L L I N O I S <br /> 6 2 5 2 2 <br /> April 28, 1993 <br /> The Honorable Erik C. Brechnitz, Mayor <br /> and <br /> The City Council <br /> City of Decatur, Illinois <br /> One Gary K. Anderson Plaza <br /> Decatur, Illinois 62523 <br /> In Re: City of Decatur/Millikin University Revenue Bonds <br /> Series 1988 - $6, 735, 000. 00 Original Principal Amount <br /> Series 1991 - $1, 960, 000. 00 Original Principal Amount <br /> Mayor Brechnitz and The City Council : <br /> Millikin University would like to take advantage of low interest <br /> rates to decrease its annual debt service requirements on some of <br /> its outstanding revenue bonds. The University herein requests the <br /> City of Decatur to act as issuer for revenue refunding bonds which <br /> would not exceed $13 , 000, 000. 00 in aggregate principal amount. The <br /> proceeds of the revenue refunding bonds would be loaned by the City <br /> to the University to provide the University with funds to: <br /> 1. Advance refund all or a portion of the above-listed <br /> Series 1988 and Series 1991 revenue bonds; <br /> 2 . To finance or reimburse the University for the costs of <br /> equipping its facilities; and <br /> 3 . To make fund deposits and pay issuance costs. <br /> The University' s current projections show potential cash savings <br /> resulting from the issuance of the revenue refunding bonds. These <br /> savings could be of great benefit to both Millikin University and <br /> the City of Decatur. <br /> The completion of this refinancing project and the issuance of the <br /> revenue refunding bonds are contingent upon the approval of the <br /> University' s Board of Trustees, which meets on May 22 , 1993 , and on <br /> future market conditions, such as favorable interest rates and the <br /> availability of acceptable indenture terms and bond insurance. <br />