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Mr. John Voorde - 2 - May 4, 2005 <br />As indicated in the ordinance, the principal amount of the bonds is not to exceed <br />$2,200,000, the interest rate is not to exceed 10.0%, and the term of the bonds is not to exceed 12 <br />years. <br />As you may know, in serving as a conduit for the issuance of economic <br />development bonds, the City bears no responsibility, financial or otherwise, with respect to the <br />payment of, principal of and interest on the bonds. The ordinance specifies that in Section 4. <br />The Company requests that the ordinance be considered on first and second <br />reading at the May 9`h meeting of the Common Council. It is the hope of the Company that the <br />ordinance will be adopted by the Council at it's May 23rd meeting. The Economic Development <br />Commission is scheduled to meet on May 20, 2005 to conduct a public hearing and consider the <br />financing. <br />Should you have any questions regarding the enclosed ordinance or any of the <br />above, please do not hesitate to call. <br />Sincerely, <br />BAKER c~ DAI~IIELS <br />`/ <br />~~~Z~~G~ <br />Randolph R. Rompola <br />RRR/pap <br />Enclosure <br />cc: Kenneth P. Fedder, Esq. (via facsimile) <br />Aladean DeRose, Esq. <br />Kate McCahill <br />Norman E. Gaar, Esq. (via a-mail) <br />Jerry S. Dean (via a-mail) <br />C1erl~'~ o~~ce <br />Fled In <br />~,~ P~` _ c} ~n~, <br />,tot~ra DSO aa~~a, tN. <br />~ c~Er.~, <br />BDDBOI 4056607v1 <br />