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<br />e <br /> <br />e <br /> <br />e <br /> <br />M E'M 0 RAN DUM <br /> <br />January 15, 1985 <br /> <br />To: <br /> <br />City. councl1:il. <br />JJ/~ . <br />Warr1i c.v- . dng, <br /> <br />Finance Director <br /> <br />From: <br /> <br />Subject: Issuance and Sale of Bancroft Bonds <br /> <br />The attached ordinance authorizes the issuance and sale of $2,235,000 in <br />Bancroft Bonds. <br /> <br />The bond proceeds will be used to replenish the Fund (Cash) Balance in the <br />Warrant Redemption Fund that has been used to facilitate various public <br />improvment projects during the past two years. Owners of property benefiting <br />from the improvements have been assessed for their share of the costs; and, <br />over a period of ten years or less will reimburse the City. The City <br />will, in turn, use the payments from the property owners to make the debt <br />service payments on the Bancroft Bonds. <br /> <br />The bond sale will be on a "bid" basis and will take place at 11:00 a.m. on <br />March 13, 1985. On that date, Council will be requested to approve a resolu- <br />tion awarding the bond issuance to the lowest bidder. <br /> <br />cc: M. Gleason <br />D. Whitlow <br />G. Long <br />C. Dallas <br />D. Lilley <br /> <br />Attachment -- Ordinance <br /> <br />fnwgw516 <br />