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<br />. <br /> <br />Preview <br /> <br />Page 2 of2 <br /> <br />$1,790,000, The average net increase to the annual debt service as a result of the <br />obtaining an additional $2.26 million is approximately $67,000, <br /> <br />The City may prepay the loan after the third year form the date of closing. The <br />prepayment penalty is based on current market interest rates at the time of prepayment. <br />The interest payments are scheduled semiannually and the principal payments are <br />scheduled annually. <br /> <br />ADDITIONAL INFORMATION: <br /> <br />In November 2001, with the assistance of the Florida Municipal Loan Council, the City <br />issued $10,320,000 in Revenue Bonds, Series 200 I A to refund the then outstanding <br />Utility Tax Revenue Bonds, Series 1998, 1999A, and 1999B and the Utility Tax Revenue <br />Bond Anticipation Note, The original bonds were issued to acquire land, construct a new <br />government center and construct two new parks, The note has a twenty-five year term <br />with the option to refund the bonds in ten years (November 20 II), <br /> <br />A TT ACHMENTS: <br />. Ordinance <br />. Agreement <br /> <br />http://sibagenda,sibfl.net/agenda/Preview,aspx?ItemID=605&MeetingID=O&MeetingDat.., 10/13/2011 <br />