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July 28, 2003 <br /> Page 4 <br /> previously approved amount of the bonds was $ 26 million. The aggregate principal bond amount <br /> however has been determined to be $ 21,335,000 with a net interest cost of 4.459 % which is <br /> lower than the 7% rate used to calculate the maximum lease rental under the lease. Closing will <br /> take place tomorrow. <br /> No one spoke in favor or in opposition to the Bill. <br /> Following discussion, Council Member Kelly made a motion, seconded by Council Member <br /> Kuspa that Bill No. 03-79 be recommended favorably to Council. The motion passed. <br /> There being no further business to come before the Committee, Council Member King adjourned <br /> the meeting at 4:22 p.m. <br /> Respectfully submitted, <br /> Council Member Karl King, Chairperson <br /> Community and Economic Development Committee <br /> KCF:kmf <br /> Attachments <br />