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10/03/1943
- .; j ~..... .~I'. "\:'. .....:/..,... ... _.... >. !.'.. " to'.. ~... , ". . __ : ,; :;,,,., :..,; __,..k,' , . . ,-. ... .' . .,.. ,..: :.. '.... :' ~ .- crT!' OOMMISSION MINUTES OITY OF CLEARWATER FLORIDA. Oct 13, 1943. 651 "-- The City Commission of the City of Cleorwater Florida met in pursuance ot a spec1s1 call the evening of Oct 13, 1943~ in the Oity Hall at 7:30 P. M. with ttie following members present: Geo .R. 8eavy, Mayor-Commissioner, Dan L. Stoutamire , Cmnmissioner, Sumner R Lowe " Herbert Grioe " .Tesse G. Smith tt Absent: None. This speoi~ meeting was held to oonsider ~pBBZ plans for the refunding of the City's general Bonded Debt. Frank C. Carr & C. T. McCreedy were present Bnd presented the ~ refunding plan of John Nuveen & Co~pany. Marshall Dancy presented tne plan of Shields & Company. It wos moved by Mr. GDtoe seconded by fur. Smith and a~ oarried that the offer ot Shields & Company, being sohedule B page 2 be aooepted; the net interest cost to be .0329 (three and twenty nine one hundreds per oent). This motion carried unanimously. There being no further businesss to oome before the Board the meeting was adjourned. ~.v24 Mayor-Commissioner .' ;.. ~ . , .~t "",;' f ,..1' ,!. f ~~ t. ..'. i J. , , ." ,4 .~,.l 1.- /;\. ~' .. Or / t'\ V-1J L.--....__ ," I .... . --... '-, .' / .,'\.-.".1 , j I I 'j L.Z;;~~'", ',;"'~:';~;:Q\d If' "",-", ,..~ , ;'."~ -~It_ .A_.... , ,~;..f>;'1 ... ( " ,,) . '.'''. _.,......,; t, ,.~~_~.. '- ,... II~I ~' - .....,- I ,l , . I I I ;t- 0, " ~J , " , ~ ~ ,,,. i r-' " ,-,L '. i.:.: (,J , 'Cr, . , ~~: , ~ ~ I . ,. I} ~ r \\ ~.~ i ~ J II ~ ~,: 1,' ,~ .Il .~ ;~, ~i, . :\ ", !'t ~ I r N '.: l~' . . .f,-;:' , ' \ , \"J t"~, ~ l , , . . . ,\', . , . " , , " '- ,.:' .., , '. .,', ,. y, ." ,".,.. "', '., " !' " \ , t I 1 ~ ' i \ t' (Yl'~\" I ~r~ , t I , i ! i . 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'I;::~~:'P ;.Jer-i9Q pr'lo~~; ~/ ,,~:,7P:"C?,:~lVer:~'-':,~te(:..\'in )U:!.":'fC,:ec~'Jle'B-;-r..f.'~wCe 1:',,;. '", '.' . .6' ~l . ", " \1 ....', -v. _. . ','~ \, y~oJ.i1"',t.:) ~~ llr: t:er' e~::" 'C :TJ'[,,;;"",w-:;:e'r,. '-:-',r e.F e i/ t :-':~>'r: c}'c on t rr.c t: '~")() 1.. '. ""~ ~_'_'l \ "~' '.' I ,:=,.~ :".."" . ,~., ~ ..~' ..\.. ..... " ',. ~ ,...:...'., ':-'~.,,:~ . ".1 <,',. "., ~ '.:; '. ",..\ :5.5l;(jp'l'rr,.}'~"/)', ,':.c'hr.<"\ 0'..H'r: f'J1' tr'ftP~lF',l('-n.~t'h. of. 'yc'.lJr-f' \:'::m1cj."..,:<..". '. ., ',0..:'''' .,:;:,'. ',".' ...' ~,-' ,'/.:' ~, " . ,..,_ .-- ,_.. '...:>:......',... ,> ." \' .!., ~. ~ ~, . '" '!"f "r--tn: '~pvln . v) ,'tJ"J' .."q".. '. . ;,." . I ~ . .( .... _. . "::~ .,..... ....., '. .'.. ., " , .~. . ' ....... . . , .. . f , II .~. 4 . ' . ~ ....,,~. ~ " . ,\'''81).:~ r.... ~: f :..r:i.',.~ ~.;:tO,.'....j..e.(.J : ,~,)., r~. r~ .rr:tfl P:: T::~ ~~ tJ ~ !lr-r'-,; ~ t~.l (", 1 e (~ .:' ." "J . ": "./ ". '. 0; f. t; . . ~ I., '.... , .' ..' :' \, -" . \,t..,. .: .,' ,. '../ .", , \ .( '..- ,-.,_. ~"; ,: t '.~;; ":1 ':(j ,'''>_ () ... '.1 . '.\., .. " .~. "-,~'~~~~~_._-, I; (. I .. ( , I ! ' >, I, .. 'f ..... l'-. " , ~ ........ ..' " -," ". . '.~ t. ".., .~ '. '\... ~P: ~he ~~E' :"01' e n(! Cl,ty GOffilt:1 P d:?n. ~ 'O~~ober 12th,194~. . . . . .' , , " ',., .: ,J " , , . " -. ~ /. ,. ~ ~', "'., ., , lev.$( 1~rLer1ri'f--,m'Junt thpn' thflt no'.:.helni~,inp.de. lfthLr,'t,F ~ "':"--, '., . l' ,', tru'e: :,f-JY' 'ohl: :F'C t' c;>f. tl:lhl.e ~,' . 1 t . ip tru,e' ,for pno ther pet 1 f~h,ey i:." . i " ['r.e'to "'E' i~e,nt, on' e:xpc.tlye(1Upl,1:>PB~Pof'\c6mp;rir-orl.,"l'herefore ,~. .. , , . . '1..~Flep(}','of' !";I'ef,\..l'rrll~{:' 1Jlflt y,ou: ,equId mB ture Jo.ur bonc,p~'under' your ,~)re;ent'contr~ct,ln i966 (y~hen' theYli?C:811y'mrj;ure)"1 .~'e' _, ,". .\'""'. -,t.., . 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I h \ \ I I , I ! ! \. ; \ I I I ;i < ~' , , t.,. ..;.~t ; l...,. / 'I ~'.d I ."...."--. ~ ~ 1 1 f I I ..'.4.1 ..~ L"" '~. ' ";~~...",,.;., ~~~" - . ~ ." I 1 J ., ,..n _ ___..::..jC-_ _ J J"'~ ~ ~- ",-, r- it> 7 ft, I I ~ ( '., \ I f I I ! i I , . \ . ~ \ I i i t , . I ~., I' 't 1': ~ I !.. . . 1~:"- \ , ) , V :l ..,.,..",1...."" ,,1 UL,...4. , .J l_.l,~'__"~"__r-. . I I t< j' '~~t~~ ;J. ....... '" .41 l~ , !. ",",1, 't,. ",.~ " .. , . J. .,ft. ."n:..,~,., .'..;.p,.....'<..... :/p- "'1.1..."f'l'H, ._ , , ; il J j I :~ I I I ,( . ,; 'I I :; " 1 , "l", . " I'. . . , .. .";...071'..".. " : '~.""'~~~~~:i':- .;~: :. . :,...l " ,'" ,':.: :. . ., . ;'"'" ','. ;.'.,. .' . ".. ., .1 I '\ .\ , \ ", . .. );1. ~:~'T:"~,;;... ,..:;,.., ~:.r; 'I':':'. .""~ '..~ t.~ 'K':_";.. _... ...". ~. . -..: ~.""~"", ES'rAUI..ISIIED ~090. -.raL.PDoZ(a. OIl:NTUAL 9800 ClAIJL'B .AllDR1l8111 -:tn1VEam' C"~CAOO. JOHNNUVEEN.& CO. MUNICIPAL COlnSTY A: SCHOOL D OND S \ CO""Ea"OHDENTS1 CHICAGO NEW YORK FI... Netlonel Benk OUlrenl1 Tnl't Complny Co,,'lnl,,'"lllIIool" Nellone' Benk e"d Trul' Co. ... nd FLOC" - ".LD I!IUtLCUNCJ Tow... LA SAL.L.... Ao".... C, CLAtt M MlI:Mac". or Amerlca" BI"'"" AIIOolallo" IIl1nole UI"kl" Allocllllon 135 SOUTH LA S.ALX.B 8TRBBT GmC3A.GO Oo'tober 15. 1943 Honorable Uayor and Uembers of the 01ty Oomm1ss1on. 01 t 'I of Olearwat er , Olearwater, Flora1da CJen tlemen: On the a8B'UlDP1;10n that ,"OU are In'tereRted onl:r in obta1.nlng the beat possible retunding plan tor the City, .e respoottul17 submit ror your oon81dex-atlon oertaitl data pei-ta1nlng to a oompar.- lson ot the Nuyeen w8h1elds plans for 'the proposed re1Unding of the 01":vI. 2i- - 8~ bonds as oubndttEtd on Ootober 13th. We are hope- ful. 'tha't this ,,11.1. aselst ;you in determ1n1ng ",hloh plan not on1'1 o1rers 'the greatest eaY1ngs and asstU'&noe ot oomple'tion, but a1.so "bloh p1an otters the best oppo~l t:r 1'01' 1no2'eased 9 a'l'1nge over the extended lite of the bond issue. Ua1ng the same annual amounts or money ava11.able ror deb't B~rv1ce as shown 1n the Nuveen pllU1 (based on the theo17 ot a atl'&1ght 1~ annua1 inol'eaae 1n assessed va1uat1on over the lite ot the bonds) as app11ed 1;0 an issue ot $4.~.OOO 1n both p1.ans. the a"er~ interest rate under the NUTeen plan 1s 3.36% and under the Sh1eld8 plan. 3.4tS;C. ('!he ohange in aVer~e interest rates under the Nuveen pJ.an 1s due to the 1norease 1n 'the bond issue 01' 1100,000 ~111 being the on1,. ohange in 'the proposals as Bubm1tted Ootober 13th.) ~e Nuveen plM provides tor- one year 1n wh10h to oomplete the refund1ng, ,,1'th a guaranty ot' 125,000 as to 1t 8 ~omplet2.on within ~he one year- perlod. !he Sh1elds p1an provides tor a two yeN- perlod 10 work on l'etunMng wi'th no guaranty what Goever as to oom- pl.'ion. The Nuveen plan provides tor ~1.300 ,000 of' bonds oallable a't DO pl'ell11.111l under .uti olrowastanoe,;. ~ Sb1e1de plan proTldes tor only' 4975,000 oaUable bonde 8ubJ eot to redemption "i'thout prenlum It oall.4 only In part, but it CJa1led ao a whole 8ubje~t to the 01ty baftnB to P&7 premiums as high as 105. the If\l".en plan provide. tor .,~ bond.8 to be out8tand1ng over t1le lite of the laau. wl11ab 8ho\1ld al10w the 01 ty to retlre 1Itlb- .'.'1111 8IIOUIlt. of bond. at oor18lderable dlsGoun.ts l'elUlt1ns in 1MN~..'4 .a'Y1Jur. OYW tho.. gt.Ia1'lUllleed. Shields plUl pl'OYlde" foz- ..'17 boncii to be out.tan41ng. (Examp1e. NUn.'. 3~ bond ot 19'11 ,l\b1. tor purobue .~, ~c1I' .,..~ Nt, would be at . pl'1oe ,ot 10_. ihoIrlns '.. 01'" an &441'101l11 e&Tln8 or alllOn 10:lln 1t. ~.~'), ..., , .,6f"'" . : ~ '. ~ .. . ' , I I I, ; I" i ! ~ ~~~lft.Ai;J:\l~.'7rrfr.'!....",. '~;., '::.;.."'""'~:r',, '': :-:;:,l<~->. .:' ..>,\ ~~~">1-~ T.:,...,..;..'..- j. ~.J :~:.',;J~~.l ~n.-:':i:~::::"'~ 1 \:", ','t'- ,..:~~.; ::.'..'.; ,~,~: '. ,':;:. ..;:, ,.,..1.:' ";';I~'~.; ..~. t ::;"'-~i .'. . ..-..I~"-_, - .. , ,. ." " :",., . .... ',' I ....oj, . 'f i", ~ , ",1 l. I , , .', . , ',I.' ';".'\' \. " .,p ;\',,,;: . , ~.. ,'i " . ,,'- ..... _ _. " +., ,~,..,., .....J,J...........~l..l.,. ,;i-<.:: JOHN NUVEEN do 00. 01110AOO J i I I ,/ W';',.."...\ ,,;~.".i.;;~;':~' OONTllnlATION SliGHT -2- I " ' , . i ' I I ,.' I !, . L " r , ,/ . 'i We understand that there 18 a o"z-ta1n amount of mleund81'stand-, ing with respeot to the profit to Nuv.en undv thell' plan. !o olua1f7 We 1 t must be &slIWDed that f5h1"lds &: 00. do not expect 'to realize a protit on this l'etund1ng o't 1888 than 25' wh10h Ileana tbat thel1ZR19t exchange and ma~ket this issue on about a 3.38~ basia. Aooor41ngl~ 11; 1s only log1oal to a.sWlG that Nuveen must l'1kew1.. distribute their 3~ bonds on a oomparable ball. "hioh would mfMUl a net pnoe l'ea11zed ot approxlmate1r 94. Wh1le lYe NOOgnlze that the protit to be real1zed from the refunding has no relatlon to the merl t of the plan trom 'the 01 tyl s s'tandpoln~ t". mention thls to olear aI\7 misunderstanding there may be on tm.& subJeot. 'l'he lower- aTerage 1n terest ooat to the 01 t1. the larger amount ot bonds oallable and at no premium, the one ,.ear shos.-ter t1me p1'OY1ded to oomplete the refunding, the 026,000 gu~ant1 of 0011- platlon, and the add1 ttonal S&VingB to be real1zed bY' the 01 t1 thl'ough the purot'...a.ae of bonds at dlsClounta 1n tu'ture years a1.1 as are provided under the Nuveen plan 01.881'1,. demonstrate the spec)!.. tlo aaTantages to the cJ1t,. under- th1s plan tor retunding. To further demonetrat e our' oonfidence 1n the suooess ot the Nu'Veen plan, we would be willing to guarantee completion ot this ".funding in entlret1 by Jul.)' 1, 1944, should 'the time taotor be 1mportant to the 01t1, whioh under ounent abno1'1llal oond1t1ons should be oonsidered. Again let us expl"ess our appreolntlon tor the oooperatlon and oonalderate attitude ot your 01ty goveftlDlent and oft10ials in bending all pose1ble ettort 'to re&11ze the most advantageous re- finanoing plan tox- the 01t7' G debt that le to extend over a period ot 80 man)" "ears in the hturch ',' ) J .}! ~j RespeottuJ.ly, JOHN NUVEE:tl " 00. B7 I C?LZ rranka.Oarr CT1uc.C~.~ o. !~ ~oaree41 ' Dr . ,.... , . . .... '" . ,,~,,''''''''--''';:',' .:......,.,........#lo'~,loi...:;...j. ._----'"""""- ;, .' 0-)0' , I. . .... '.... " , fCT' . ; ." .."...,..'.:. '. .~ ! '.' ' . - . ". ..,.', '.....'.,.. ,'> " ,","' . I . . . '.' . .' : . :~. .' '. :".p- .. .. . ; i 1 ..1 I. '. .- ; . (I," ,"J i , .." "I \ ,.' " \ :1' ,......,' i . .""........'J .. I .. .' d..;,:<;;,:" ' . :':".'" .... '. I \/,,7~;':,:~": "1 ",.',. <<:>::. :':X<',:":~":'::' ~ ':-::. <:~ .' ..' :-'"" : '.": ,':>" " '.': ..; , . ':'.' ..::!'/':;" '5. . . :',:" " 'I . ': .,..\ ...,':,.;,('y~; " :': ~> ", , .,., i }::t ,;,.1;, >: >, ,,'. I ., ";.',, ',,:',' .....,.. j ':~'t,:,:,,,,:,:,,;';;.;...: ", I · . ' :.:;: ,';,',; :,;;'.~;:!if:,i.:... ,'..1 ' ".', , ;,,; :':"::;' ::,' " .' '/'\';' :;i;,;<::'; t'.;:,<',:" ! k" ";;":'..>, ":':"'" ..:,'.:'...' i ,." '" "". i j "C!::. ...:' " d I ,;': 'i '::;\, "," '. i J,:,;<::::<<,,' i ni:, ,.'1" ~t' t <( ~\ ~ 'l . :.~ .. '"",..11' Iii' ' '~~~"!''': 'i\r/.1\,' ,'h", ~ .~L ,_. "- . ~.:......1"..... " .'<., '... r- ;';'t'.:.I.'.!t..~,>~.~:.:,......:.,~,,; !,.-.;'. .:. .,,\ . '.:...,; ,-- ~:.~. .-'., .. .". ....... .." " I ~,.. .. ,I I 'I :. 0\ 1 ~ ~ ,i ~ ,1 " ~ \ 1 l 1 l '\ ,I , I j ! , . ~4,400 M 4,400 4,400 4,400 4,400 4,330 4,256 4,170 4096 4'009 , 3,917 3,820 3,718 3,611 3,499 3.3Bl 3,257 3,12'1 2.991 2.949 2',700 2,546 2,382 2,212 2,03& 1,060 1,687 1,455 1,245 1,026 798 681 314 " .~,.,.,-"...... $ 1.98 ~ 000 199,000 19B,ooO 198,000 132,000 129,900 127,680 125,340 122,800 120,270 117,510 114,000 111,540 108,330 104,970 101,430 97,710 93,910 a9,7:!IJ 85.470 81,000 76.350 '11,460 G8,380 81,0150 66 500 49: 710 43.. 850 37,350 30,780 23,940 16,830 9,420 t3 ,1.98 .670 88 ,000 3,286,&70 i70 U 74 78 82 B7 92 97 102 107 112 118 124 l~ l36 142 149 155 163 170 177 195 193 202 210 ?..l9 22B 237 247 314 $4,400 !l ;.,F, ,'..,.... . ',':",: , ',; :'.~' ' ' :.' '. .. " '::' ";'" ';"< '. ,;:".,,','''':: ,:',::,,!;;',."/,,:, :t. . . , .' " :;~\\.\,:,:/:'i' 1111"f" .. .. ':: .",.-':,',:>,:1 :'." 1. ," . ,,::'. :)/',,: .!."':~: :?~ " , .',', ',',' ::':,',,':.:' ";':':: ~:\;:.. " ;., ,';,>i~;::. ... . · ,...' .<,~.t< ":;~;:::'::\':< . . :,'.: ,', '::,:?: :;'..::< .. '.~ . ; '., , " I .. .. ','.., I':' '. . '. ., "~.... ....,:.'...:..t;f.'.:.;..~~..;,.:,.~ '~"''',"~"".,,~,''_4''''''''''' ...._.~........... $198000 190:000 198,000 198,000 202,000 203,900 206,680 207,340 209,080 212,270 214,510 216,000 218 , 540 220.330 222,9'10 226 430 227:710 229,910 231 700 234:470 236 t 000 239,350 241 ,460 243,360 24fJ,Oeo 248 500 251:710 263,650 256,300 258,790 260,940 283,830 323.420 - .} . ~ , ,': ,.' , "'. ',,' ..", ".,. 'I,. ,: "....:, .. ..,'; ..' i~'..J/;i ':'::".' ." ...,...',.,1":, I ,'. < '''>;. ';.':,.~,,:, "!!""';':') ;.- ,.:1";,."," ", "":',;: "., .."". >. . . ,;..:..".".,:" .'. ,,""',', ,.,:':-;:';,::\' :;:, . ' , "< ",:\<::":' . " :, ,.:': '.':~'. '. ",: '''''. .. ,," ,: ", .,..".,.',,',:;::. ',., .',: " "....,?,;; ,;;:,...,.! .:;:'< .;e.,:" .... ' ',' :;.',:,..,..".:' ,,': .. ,,'" -';'::'.:":" ',' '{'':'':,' ' ' ,! ." , . 'i '.;:'.:;- "':::'.', . . . . ,:,::'.< <, ",' "'. ',: ,,;. m!!~ It~nlG PL4Ji ~,ooo alfi OF ULWWAt~a FLOI,;P,^ p~poa11=D lYfiJJ}!R~G...I2u.u, Af?~/lfR 'rQ O.iWI~ I Al"JtUAL AUQUtfl'~~~~~~ ~r~ N~~"{XOcl USEQ ~ (Ident1oal lflth or1ginal Nuveen P1fU\ exoept 1noreaned Bond Iooua from '4,300 U to ~4,400 U ) YEAR TAXES IN'l'Qlii:3'.!! DOl~Da INTER~~' BONDS TOTAL MSERVE OOLLEOTED RA~m OUTSTANDING Ooa~ RETIRED DEaT SERVIOE FUND AT 90~ 1944 $193,978 !~ 19<60 196, 914 ~! 1946 197,890 i" 19..7 199 ,861 . ~ 1949 201,857 3:' 1949 203,S83 3~ 1950 205,979 3~ 1961 207,979 3~ 19&2 210,064 3%. 1953 212,164 3..~ 1964 214,279 3% 1956 216,424 3:' 1966 218,684 3~ 19&7 220,773 3:' 19&8 222,978 3% ,1969 22&,212 3i' 1960 227,462 3~ 1961 229,740 3~ 1962 232,190 ~i 1103 2M t 369 3;c 196. 236,696 3~ 196& 239,06& 3~ 1966 241,448 3% 1967 243, 861 3~ 1968 246, 304 3~ 1989 248, '101 3,~ 1970 261., 2~ 3~ 1971 ,263, 766 3~ 1972 266',298 3% 1973 2G8.860 3~' 1974 261,402 3% 197& 264,073 3~ 1976 173.420 3:' !O'l'AL DrriJlEST ooa~ PLUS REJ'UNDING nil: 111:1' MJ!:RIS't OO8! AYl'.RAGi: IN'J.'iM81' 00S'l'-3.369:' , : Jl50 000 180:000 180 000 1m :000 150,000 1ao,000 150,000 1150 ,000 150 ,000 160 tOOO 150,000 160 ,000 150 ,000 150 000 150 :000 150,000 150 ,000 1150,000 180 ,000 150,000 150 ,000' 150 ,000 180,000 150,000 150,000 150 ,000 160,000 1150,000 160 t 000 150,000 150 ,000 1&0,000 '>< "i':" ',':';:' . ~:.;!,: ',' ", "'. ";":~)i,:)X" ",'. ":'::'.:7 ..',,:... ,::'.:, ,:.,:.':',j:i/,/""" :,' ';,', ::..,,:.:'. ;;';, , ":: .:,<.) i':" '. .'....:t: ". ' " '.., ""',:, ,', ,,';' , ' . .. .H. ::' :,:';: . ,~,{: 'ii:,:~:':': . '. ....!;.:,:.,; :. ". ." :. .:: ',:,;>," ',: ' '. ,,' , · ; "; ':".i'?~11 ".. , ":<,, ;..:;..:. , .' ",;,i" ,":.,:1, ::/, ? ;:,:'''''':::'..' >; ,,;',~,," " . ;c/':':"'\'..,yi,,?:,. ,. ..' ':':'.~<:"..::';::.~;,;:r: . ;, '., ,..:,::"", . ,. ; ,,:, ,;:,:< ....'; "':::" ;., ",' ',,;.: ", , .. '.' ,);;. .'i.. \::" .' . ..'ie/Fii",' [( ";':,){: ':r::~ ";d;,~'): " .. ','...,.,..,....<i'<T' ! ':...'; "".,.:. '.'<:'-:,' ';'::':. ~':.':',": '. .. < ," '~'~::';' 'i.}:'j::::",,; > I.' '....... . ";' ':'{ ,:.;~,.,\:.'.":'.:'..;:i:'::;,..\.:, : :'....'.......'..,", :.'~..;:':U?;,(? ': ; '. ',:" ".':' ,:;\:,;:\t?"> ':' ~.I,: .'.....";(,.::>:: ';:,:,,':,:,;.\~,:.;,~;::,'. :~:: J\:.;:": ;: :/,: ;..'\;.,:,1", , ":;:~,:,:::'e;: ' .'ic' ':':::,: ,,;:::'.;'::':1~/:: :/:,:'.,:"" :';. ".1""":",<:,.:,<.,.,::,, ,>i:C, :: i:', ' .;:;~, " t.' ':t.~;" ",;;':> , '. , ":~' , r "" , ) "c' l';"':':>:',~ ';.~. :. :;; \, .0;,.:"",>;: , . .' _"~...~>'~"~"~"~.'..'""':'~::,:;..'., ,C,',;. ;t.;,:':-';.:;:,...... .~1!(. I. '0' ....~......, i;(' " ~""." 0. I; r .,;- , .' , . . . - , .... . . , . :'....... . . 'G."..:' - , " '. ' ." ,.... '. ""'l .' ,. .' ~.." . ... -; , ','. .:,:.: .'to",:' 0,.. " ',' ': .... ." ':,.",[:26:, ie. :1' !\~ " ,."' ,>,",1' ,1,,:., ,I · ... ;;;;;?~~f':';4P~:t .',.. ,', ",' .:. .' ." . ' . " , , I '\ I , , '. ,,......:1....'.:.-"'............ '....r..-. ..'., ..... , .-' # --'~r 1iIl&6~Ul A~~fG P~4JJ. J I ~~,9QP Ol'l'Y or OL~WA'l'm.. ~OB.l_DA. PRO?qi~1l;O it~tmpt<J pqn,l{q, J i \, I " t , I AP~L~t~ 'J.'O NU.Vi.~ ~t~~S, AVAI.LJ\}3Llt F,RR DJm t YEAR TAUS INTEREa~ DONDS IN'!' ERES'1' BONDa 'l'O'l'.tU.. !U:smVi: t oou..EO'l'ED RA.T E OlJ'.rBTANJ'JDlG OOB'l' RETIRED DliB'l aERVIO R PtJH1) !" A'l 9O~ ,"':', .' 1944 n.93, 978 T S4,400 }.! $149,000 $45 Jl U9~ 000 ~R8:88& ! 1948 196,914 2~ 4J1385 146.978 60 19 ' 8?6 1946. 19'1,880 2~ 4,305 145.626 52 197:825 150,000 1947 199,961 2" 4.2!S3 144,306 55 199,305 180,000 1948 201,867 3" 4.,199 142,930 60 202,930 1150,000 1949 203,88" i~ 4,138 141,1.30 02 203,1:50 180,000 iBIi 208,9~ 3~ 4076 139 280 86 2015,260 180 ,000 007 9?9 3~ 4:010 13'1:276 70 20'1,276 lea 000 i 19&2 210:064 3j$ 3.940 135,176 75 210,1'16 150:000 . , 1963 212,184 3~ 3,886 132,900 80 212 ,900 1150,000 ., I ,.1 19M 21" 279 ;c 3,785 130,470 84 214,476 1150,000 ! 196& 216: 424 !~ 3,701 127,735 89 216,735 l80 ,000 . -/ , 1986 218,884 .~ 3,612 124,832.00 94 218,832.50 150,000 . I i ! ' 19157 22O,T'la ~:c :3,&1.8 121 J 767. eo 100 221,767.50 150,000 ; i I ., I 19158 222,9'18 ~ 3,418 liS,51?50 104 222, m. '1.50 1150,000 j 1969 225,23.2 ~ 3,314 1115,127.60 110 225,12'1.150 160 ,000 I ;:c ;j I 1980 227,462 3,204 111,682.00 118 221 ,5&2.50 llSO 000 ":'! , i 1981 229 740 ;c 3,098 107 ,780 122 229,'180 150 :000 ... j. 1962 232:190 ~ , 2,966 103,910 129 232,910 100 ,000 I ... I 1963 2M,_ ~ 2.837 99,2915 135 234,296 150 ,000 I I 1984 236 ,896 2,702 94.370 142 236,870 180 ,000 , i 1985 239 ,065 % 2,&60 89,600 100 239,600 1150.000 I I 19,68 2U.4Ae ~ 2,410 84,380 1&'1 2Q..360 180 ,000 :, } 1987 26~,S61 2,263 '18,855 158 243.955 160 ,000 i 1988 246.304 ~ 2,Ose 73.000 1'13 246,080 1150 ,000 , \ J 1989 249, 7tn ~ 1,918 67,028 181 248,025 180 ,000 , i 1970 251 ,24.9 .~ 1,734 60 ,690 191 261,890 180,000 ) '<' 1 " 1m 283,766 . 1,M3 154.005 199 2153,0015 uo ,000 " 1 1972 268,298 1,344 ..., ,040 209 2156,040 180.000 " 1 19'1:5 zee r SSO 1,136 39,721S 219 258,7215 150,000 , , ,;,", ' 1 19'74 861.452 ;C 916 32,060 229 261,060 leo , 000 1 i 1975 264,073 ~, 88'1 2.,046 240 264,046 150,000 I " 1978 286, '110 ~~ 447 18,646 281 268,646 l~"OOO . I I 1917 62..af$O 198 6.960 196 202,860 I U 1'01'Al. IlrraJiEa'.t' COU'1' ~3pH1.91'1.50 8",400 U ; AVIRAGE IN'i'ERES'J.' 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" 7-1-1943-Date or Bonde '. 1944( 1) ';:: .la'~023~OOO 1945 13 158'"000 ",' , , 1946 IS,285.0oo 1947 'IS 416' 000 liAS 13:552:000 1949 1&.,688.000 1950 13,825.000 1951 13,963.000 19S8 14,103~OOO 1963 14,244,000 1964 14,386,000 196$ 1~iS30,OOO 1956 14,657,000 1957 14.822jOOO 19Se 14;970;000 1959 15'120'000 . t. 1960 15.271,000 1961 15,424,000 196e 15; 575,000 1963 15,734~OOO' 1964 16.891,000 1966 16.050,000 1966 . 16~ 210.000 1967 16, Z72,OOO 1968 16~536~OOO 1969 16,701.000 1970 16'868'000 , ., , ' 1971 17; 037 ; 000 ",191'811.107 .000 . ..' ,'lt1l', ,^, 17' a19 '000 ,",'19".' ", 1.,!Ssa:000 ,:,.'.' . :t.,:O~" ' 11"~~.,Q()Q "~"w.\ij~;':"'~.:~~:;:~~]~i!~,t~~;n{"~',.', . .. \,1. ," '~-.~"_._""'-'.l'~~~~LU~~~:~.~:":7"::-:-~.""~",~::-,"~:~"",,,~~~~~~~~ ~'" . j4.3OQ,~000 CITY or DEBT SERVICE SCHEDULE MILLAGE (3) 16~ 55 Mills 16~55 16~55 16~55 16~55 16.55 16~55 16.65 16~ 55 16.55 16~ 65 16~56 16~ 55 16~ 55 16. 56 16.55 16~65 16~ 55 16~55 16. 65 16~55 16 ~ 65 16'~ 55 16~55 16~55 16~55 16~'55 16;55 16~'55 16.58 16~55 . 16.55 TAX LEVY $215,531 217,682 219,867 220,068 224,2:86 226,536 228,804 231,088 233,405 235,738 23a~088 240,472 242,871 245;304- 247,754 250,236 252,735 255,267 25'1,766 260,398 252,996 265~628 268~ 276 270~ 967 273,671 276.402 279~249 281;962 284i 77 6 287,622 290; 502 293,415 COLL1!XJTED AT 9~ 1193,978 195,914 197,8BO 199,861 201i857 203;883 205,923 207,979 210,064 212,164 214,279 216,424 218,584 220,773 222.978 225,212 227 ,462 229,740 232, 190 234~358 236,696 239,065 241~448 243,861 246,304 248; 761 251'249 . . 263,766 256,298 258;860 261;452 264,073 "",,~:':::::!(";':f;'::~j;~,';l, , "", ,,~ "., .. '. . -,. , ~ . . '.':(~:~'!{'~~l~;!~f:";' ,\.', ".,','''' ':\ '" . -" : . . ~" . :~. . '., I I . '.:~'. f . . ~'" ' ~ :':'" ' " '. I'::.: ~ "; '.' ' . , r~~fJ~?~~ SCHEDUL BOND,S OUTS!l~ING .,,' Coat '4;3oojooO 4,300 ,000 4,300.000 4;300,000 4;300;000 4,230,000 4',165iOOO 4,075,000 3,990,000 3,900,000 3,805,000 3,705;000 3.600,000 3,490' '000 . I. ~~::,:ggg 3, 130iOOO 3,000,000 2,865.000 2.720;000 2,570jOoo 2,410,000 2,245~OOO 2,070,000 1;890.000 1,700;000 1; 5015,000 1.300,000 l,086~OOO 8$3;000 630jOOO 388.000 ~;;...J,; ',>;", .",..';8;F'~\;i!irf';.:{8}:I?~2i;;;;:{~"ii~'~!!.;: .. ~ .,' , , . ....,..!I~~g!/../"',.,.., ;~~s'l!?:rf\';;:~~;;;:' , >.:.::. ~ .:"':;,' ,'.' ", . , .. , \ .. "(;"..,., """""'~' , ".\ 'J ., f " ~, ,',: :\;':'<'?"'~"';"<'" " , ~;;<;v;;:., ""::,!ie:: ..'.' ....,. ',. :. ;'; :, I -'. ". .. t ,. ,.,>.."; , I, . . . ' , "'-'~i~~{;~['t~'~'ii;\'i'1iBi~lI}j';i;i';~;;j,j%;':i:'~i;;;';:;;;;;;;;;;;;'i;:'"",,,=,,,,,,,,,,,=,,,,,,,,~..........,_~:,.,J2.'2" .. . ING BONDS S ULB. INTEREST NON OPTION~ OPT~ONAL TOTAL 'DEBT RESERVB COST BONDS RETIRED BONDS 1lETI~ SAVICB FUND . . I I .fund1ng - . 86,000 (4) t150~OOO ~ (5~ 19S~ 500 $193.500 t150~OOO " ~ (5 19S, 500 193,500 150~000 ~ (5) 193,500 193;500 150.000 =- (5) 193; 500 193, 500 150,000 ,= 129,000 . 70,000 199,000 150 ~ 000 12&i9oo 76,000 201.900 150,000 ..~ 124.650 80,000 204,660 150,000 ,O':~g 122,250 85,000 207,250 1,50,000 119,700 90,000 209,'700 150,000 "M 111.000 95,000 212,000 150iooo )/~ .~.~ 114,150 100,000 214,160 150.000 * 111,150 105iooO 216,150 150~OOO 108,000 110'000 . 218 ~OOO 150iOoo I)C 104,700 115:000 219,700 150,000 = 101;250 120,000 221.250 llD ,000 97,650 125~OOO 223,650 150,000 ~ 93; 900 130,000 223,900 150,000 ~. 90,000 1~5,OOO 225,000 150,000 = 85,950 14r5~OOO 230,950 150;000 81,600 150,000 231,600 150,000 * 77 ; 100 160~OOO 237 , 100 150,000 ac 7 2 ~ 300 165,000 237>> 300 150,000 = 67 ; 350 175;000 242,350 150,000 62; 100 180,000 242,100 150,000 . 56;700 190,000 246,700 150,000 ;.' 51jOOO 195,000 246,000 150~OOO , , '. . 45,150 205,000 '214.000 (6) 850; 150 150,000 ..,. 39;000 253,000 150,000 '. . 38 i 580 223; 000 (6) 255;410 150,000 *., ' '25' 890 233,000 (6) 258,690 150,000 .. .... . , , *,' . 18.900 242;000 (6) 260; 670 180,000 ',~' ..,.,' " . 11,640 3sa , 000 (6) 356,380 14,43~ ('1) J'" I. !, ," , ' 'I" " .' ,~"/j',':" , :.' : '1":"', . .. .'. 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" , . .',; .,,'L'(; f~;?~,:::~}::{~[.::~ '''''. " \':;::;;{~;::: .. " . , ,.' .. ,.,..' ., ;" '. '.! .. ',I I i' ! I .. . .r ~ . , ,../"'.... " .' , ~.., .' ' ' . ' ,,, I ).."' I '. . ! . _.~~~~;;~1';...'~,::~~~.._~^.:.;'_.;::..:~:';. ^,:_. "d:<\. ~ ,r ;.-, :;.,...' ; ~:,,,.:,'.;..~..~ ' ',' ..: ~.: !, ' .. . ~~, '". ~. , ~..i' , : ~ : ,1 A :j ,~ '+ J~: ,;~i . .H P U "il 11 :m YlWl f~), OOLLEC'rED BOlmS I.N1'EBUr INT.lRlSr J 'i J.lN12Q '" AT 9~ OUTSTANi>ING R".'~I COST .~ 1) :: , " 95 7 -1-1944 '193,978 34,210,,000 ~ '10~.250 96 1945' I 195; 914 4; 118,000 123~ e40 . 97 ' , 1946 197,880 4,043,000 = 121,290 98 1947 199,861 3,965,000, 118,9l5O 99 1948 801,857 3,884,000 = 116,Geo 100 1949 203,883 3,798,000 15~,920 100 1950 205,923 3,746,000 4~ 149, e~ 100 19151 2(y7,979 3,690,000 4~ 147,600 100 1952 210,064 3,630,000 4~ 1415,200 100 1953 212,164 3,555,000 4~ 142,600 100 1954 214,279 3,495,000 = 174,750 100 1955 216,424 3,456,000 172,800 100 '; T'': .. ., 1956 218,584 3,412,000 = 170,600 100 19 &57 220,773 3,364,000 168,200 100 19t58 222,978 3,312,000 = 16S,600 100 1959 225,212 3,254,000 162,700 100 1960 227,462 3,192,000 = 164r,600 100 1961 229,740 5,129,000 1fi6,"'5O 100 1962 23.2,190 3 ,056.000 = lee,8OO 100 1963 234,358 2,976,000 148,800 100 196' 236,696 2,891,000 = 144, S50 100 1965 239,06S 2,799,000 139,960 100 1966 241,448 2,699,000 = J,34,9SO 100 1967 243,861 2,593,000 129,650 100 1968 246,304 2,4.79,000 ~ 123,950 100 1969 248,761 2,356,000 117,800 100 1910 2:S1,249 2,225,000 = 111, aDO 100 1971 253,766 2,08S,000 104,250 100 1972 2S6,298 1,936,000 = 96,800 ),00 1973 258,860 1,776,000 88,800 100 19'14 261,073 1,606,000 :f 80,300 100 1975 264.,073 1,42S,OOO 71,250 ' 100 1976 266,710 1,232,000 = 61,600 100 1977 269,376 1,027,000 51,350 100 1978 2'72,067 809,000 = 40,4 ro 100 1979 274,76e 578,000 28,900 100 1980 276,019 332,000 ~ 16,600 100 TOTAL DO'!' SEBVICK COST _ _ _ _ _ - - . ';.". ~ NOTIS& (1) AlaO\lDt e..allabl. tor debt, .erTiee in Sohedule. (A) and (B). 8oa4. r.'1red with '86.000,ib&t would ~.'41&"1,::~.1' R.tUDd1Dg PlaD. ',' , '.':':' '.\./,: ~ ~;..,.' ~~:':~~i~i~tl)~1t'i;;:}:':; . . ~.. ': (8) ,:',~:!j".~;' ';':.,,~: ,'.' ~"J . .-.,r4 "..~ _ . I~ '-- .L >'-..,.., - I \ I' t: ,I .',' . ' " ,~~~.:::"l-"'~"~"'_"'~ri>.~" ~ .". ; ~ .. '" ...~:.""I.-':~4:"':':":":";'~':'~'-';"'''''''''';'''<''';; 'r"", .~.'.,..-';. :'_".:~ ' . ~l ~ (C-1 " .) ~ONDIN<l; BONDS. SEIIIES 1936 FOR DEBT S SCHEDULE B , a. .: aho1D1 ,- ,.,; '. ~ '. -,:~,,~',~.~.-,::,,:'::r:~'".''' ,.,. '. . '''~~..!I.ar1'~o.,pay . out ;" .....\:~.:..~.,.:..~.:. ,'~, .'\' .'.' ,~'" . " .i'~:i;~',../..~!.:,..-;~'.'~ ,.. ..._~.. ...~."t-...: ..,.~ '.'( i-':.:::: .'~: ,"~T :-::';~'~1~f'::,;~, , ;, ".;.. ....,,,.,, " ':. ' , , I ") ,";: ",' '.' .' .<,;>~ Ci: , ". .~'.. .;'.' ." ':"" ( ;,~~:,..,,~~..,; 'f!t~~~~h}r;t~flt rIp ~n;l " .. '. :/ ,I,>, , ,','~.. '.1. I 1 : 1 J I I I I ' , j \ 'l, !' i, ., I .1" ," .' .:, . ,:1.' , , , - ". .',r. :i ", I ,I , !,. .... , i ,I ': ~':~:..~';, ,,' , , . ~ ' , .., ,'., ;.'. . 0" ...." " , I , ,- ,".~ .: ..' . > : .;, ~ .\,;, " \ ~;~-........................-- _...---~.......-.~..... ...--..,.- ....'......A.:,..._..I~_ _~......_,_,. ., .'. '" '". .......,,~.._:.... .~ ...___ ._~_.';.,..~....,;.._~.'4,...~_...,.....:...~r>u....:...~._";l.......,.~....~,.. .......)_\'....L._~.l>4Ji:i.lA.!l, I , -I :1 ~ .;1 ~ i ~ 1 , ',~ '1 '. I "j -2- .Attaohed 1s a description and outline ot a suggested new :faane ot ref'mul1ng bends (designated Schedule A), a stat1stical analysis ot your present debt amortization situation (dssigne.ted as SchedD.le 0), and a similar ana.l18is ot dsbt amortization on our suggested refunding plan. (designated Sohedule B). The results are rather startling 1n demonstrating that by using the same annual amounts tor debt service tor your bonds as presently outstandiZJg as would be used under the suggested refunding plent savings in intereot charges can be ettectod appro:dmating $1,375tOoo.00, while retiring tbese bonds completely- some 5 years oarlier. Details ot the new bond 1sBue have not been included as they are praotical details, better determined by mu.tual agreement at a later date. A reserve tund has been provided for to assure the availability of' en adaquate oushion ot exoess ttmds in any year or years that debt servioe monies are inade- qt1ate to meet then ourrent requirements. Please note that this plan la s been ooncel ved on the th~ory ot on17 a conservative growth in the city's taxabla values, and does not depend. tor its suocess on any highly optimistio or promotional expeotation as to the oity's growth and wealth. If this estimate is over-oonservative, whiol1 it very well may be, provision haa been made tor accellerated debt retirement through the use ot a low enough rate ot interest on the new bonds so that for ms.n.y years to come bonds should be available in the market for your purohase at attract 1 ve disoounts to you. If and when these bonds should no longer be available for purOhase at par or less, the city is assured of having bonds ava11able for redemption by the provis10n prov1ded in this plan ibr $1,300,000.00 bonds to be callable at par by the oity. In preparing this re~d.1ng plan, we have not attempted to det1nitely- establish this bond issue in amount, but rather have used the tigure $4,300,000.00 ot bonds merely- aa a "rule ot thumb" measure with which to determine the savings possible and advantages to be incorporated in the retinancing plan. An amount more or less than this f1gure would more probably be issued, and can be det1nitel~ establllbBd ~tter disoussion with you and consideration ot the varlous factors involved. ' It is pertinent to point out here tbs,1; without your oonservative and long ruge program of debt retireuent and oash acoumu.lation ot reserves, that is to be so highly complimented, Booh en advants.geouQ and economical plan ot ref1nan- oing as we here propose would not be posBlble, and like most Florida cities yoa. would be faced with the ordinary and not nearly so attract 1 ve procedl1re ot a long and time-conBuming ret1ne.ncing plan, with the element ot risk as to 1 ta completion thereby involved, and without the flexibility we have provided through the oppor- tunity ot repurChaSe ot bonds at discounts in addition to the right to redeem bonda at par. j],l in all, this retunding plan bas been soundly, intelligently, and oonservatively oonceived, and represents a refinanoing program that oan. be oompleted 11\ a relatively short time and save the 01ty an amount equal to approximately one-third ot its debt. Debt reserves are provided tor,. and the entire plan is baaed on the, premise ot toreotalling any future tisoal crisis !neotar &S the pqment ot this debt ~~"tbe oity is oonoerned. A t'Urther advantage ot a conservative . ,...........''l''-.....~_ ......\'filoIi,,~~..J~..:':'tJ.'{:~;rv.fi.,.,i!l:" :'''t......''..". ,d"," "w,. H'~" ~J".1Il'~_.. I L ,I , ,d I i I , I f' I I j , I i~----'--- ] :~ ,j ~ :1 ~ ~l I ..: ' , ' . _....~ !...,..~_."_ ~..... ._....~;.,l .L......:;,fL.:....,..;;;'.:.;...:~-..:..;",i~.."t.:.~,..~.~.J.;.:r...{;;:.."}.:..::::t~t.:&:~~~~ -3- i I I I,' debt amortizat1on plan such as this, is that it allows tbe oity an ample ma.rgin ot borrow1ng power at any time in the fUture to take advantage ot post-war oppor- ttmlties, snd neoessary expansion of the oity's capital improvements when end it population increaB81 demand and justify it. Vre have not prepared an agre8JDant or formal oontract to cover thia refinancing operation ss we think you would preter to have such a oontrs.ct prepared by your own J.ttorne;v 0 Acoordingly, may we suggest that in prooeeding with thia financing, you merely a.dopt a resolution approving the terms ot refunding all here provided and snthorise your Attorney to prepare with our cooperation a. oontraot to cover the servioes to be rendered and the terms and conditions at tbe atuDS. We thatik: you for your consideration and tor the cooperation, assistanoe and OO1Dlsel of' your Oity Offioials end Employees, allot which MS made it possible tor ua to appra1se your fiscal s1tuation and otfer this retinanofDg proposal. Sinoerely, JOmsr NOvJ!4WI &: 00. /,/~4 e C LM'< Carr By C rU(( 6ifL4 C. !I!. JloOreed\v' ('" APP.aOVED AND .ACOEP~ tor and on behalf of the CITY OF CLE.ARWAT.l!R, F.LORIDJ., by resolut1C?n passecl this ~ of ootober, 1943. J.ttsat: . Signature e 19na 'tUN 011iy OJ.ark J!8.yor (fWL) ,:" ~~I"~~~~7~~~~~~~~\~~~~~"AY~~~'( ". , ,I ..... '"," l" I " ';.' '<;;:;;;~.: ..,.I.J;. ..~: . '.."' '. ,:~. : \\., "'t, _.... ....~'~. ~.... .~.;...,...."':","~;:...~.. ............~_~",...,~...I1o..._..;1 ......'. ..........;f. ;~_.t...;t..~\l'~.:........."'" '.'~'_~"~__"""_'''''''''.H-1\>t~~''''___~......._......-....UJo.,l'''~~~ r' - ,- .. ,-- ,_.. - __"0- ,. I j I I ,I I ~ , ~:!iTAHI.lsny.n 1690, Tnl.UIIII()NI~: <1I\NTltAL U:JOO (1Anr.t~ AUUIIBHH "Nt;\'I~I;N (11110,\.(10" JOHNNu'~~EN &CO. M~CIPAL COUN'1'Y & SCnOOL D ON]~S CO"" E8POH DE.NTS. CH ICAGO First Nationa. Blnk Contlnentalllllnol. Nltlon.1 Blnk tnd Trull Co. Hurls TrUll ond SOYln,s Bonk NEW YORK Gua'lntyTrult Com piny 42 nd FLOOR - FIIltLO BUILDING TOwER LA SAL.L!.. AOA.MS & C.......A to( MIlM.':". 0'- Am.rlcan Blnk.,. Alloclatlon 1111no11 aankln Association 1:1:'> SUITTII LA S,\LLK HTltY.Y.T ~HI(3AGO october 13, 1943 Honorable Mayor and Members of' the City Commission, Oit,y of Clearwater, Clearwater, Florida Gentlemen: \'/i th reference to the re funding of' your oi ty' s 2i-B% bonds, Issue ot 1936, it is reoognized that there are certain fundamenta.l advantages to be at- tained in order to Justify refil1aJlcing and oertain objeotives to consider in the nethod of aooomplishing it, as follC1NS: A substantial saving in interest oharges. A conservative schedule ot bond retirement. soun.dly conoe1ved and well within the city's ability to pay. T.hree- No tncrease in bond tax rates. Four - Retention of the advantage you nON enjoY' of being able to retire bonds a.t a disoountwith exoess f'unds. Five - ~ provis1on for an adequate proportion ot callable bonda, 80 that they may be retired at par in advanee of' maturity in. the event boIld. prices rise 80 high at some t'uture date tha.t purohases cannot be made at di BcOuntS. Six - A soundly conoei vad plsn designed tar comple tion. at the \ present bond market level. Seven- Full reimbmosemant to the oityof all legal, printing, publioation, exo.ha:cge, and similar ref'unding expenses. Eight- A. ref'tmd1ng contraot prOViding tor prompt gu.are.n.ty of' o:>mpletlcn, or release ot the 01 ty from all ref'inanciDg ob ligation and expense. ~er1enced retttnd1ng agents who are in contaot \T.lth the holders of a large proportion ot the oity's bonds. Ten - .A. guaranteed. performanoe deposit with the 01 ty of $25,000.00 to insure oompletion ot tl1e refUnd.1n8. One '!'wo Nine On tbs aS8'Um.pt10l1, therefore, that these requisites must be included in any sound and 1nte1.l1gent plan tor the retinenoing of your o1ty's bondI, we have t'ormu.lated a retunding proposal that representa the application or proven mthod.s ot new-issue munlo1paJ. :t1naao1ng to your situation. ~is insure, the refuncUng program be11'Jg f'avorably reoeived b;r bondholdal'l md 1nveatora which aam.retl the oompletion of the ref1nanciJIg ope rat 1 on. .."'<f~ I~ .~~~~~I