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EXHIBIT A <br />Mr. F. Jay Nimtz, President <br />November 12, 1987 <br />Page 2 <br />In such a circumstance, the accumulation of excess funds may permit the <br />early redemption of the issue several years prior to maturity, thus <br />protecting the bondholder against the unknown risks of holding the bonds <br />in the later years of the issue. <br />It is our opinion, based on our experience as financial advisor on <br />approximately 200 bond issues per year, and as specialists in the area of <br />tax increment financing, that with respect to tax increment revenue bonds <br />secured solely by tax increment revenue, any payment of tax increment <br />revenue to the respective taxing units prior to the accumulation of <br />sufficient funds to defease outstanding bond issues, does endanger the <br />interests of the holders of those bonds. The endangerment is caused by a <br />reduction in the resources and security which would otherwise be <br />available to the bondholders as protection against risks such as were <br />described in the preceding paragraph. <br />Respectfully submitted, <br />SPRINGSTED Incorportaed <br />