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<br />e e <br />~/ ~~ & ~'I Ynv. <br />~ff~~ <br /> <br />March 15, 1994 <br /> <br />y~ /J6S 9od.DaL ~enAd <br />2(}(}(} 9od.DaL ~~ <br />~I g~ /7(}S6 <br />7/.1 / .96(}-J.9(}(} <br /> <br />Honorable Mayor and City Council <br />City of La Porte <br />P,O, Box 115 <br />La Porte, TX 77572-1115 <br /> <br />Re: General Obligation and Water and Sewer Revenue Refunding Bond Issues of 1994 <br /> <br />Gentlemen: <br /> <br />The purpose of this letter is to formalize in writing our recommendation to the City <br />Council last night regarding the above captioned bond issues, It was our recommendation that <br />the above transactions be taken to completion if the total future value savings met or exceeded <br />$900,000 for the General Obligation Bonds and $300,000 for the Water and Sewer Revenue <br />Bonds, <br /> <br />The Council accepted our recommendation and authorized us to proceed with these <br />transactions under the above described parameters, We have done just that and as it turns out the <br />bond market leveled out this morning from its precipitous fall (higher rates) of last week. <br /> <br />We were able to complete the advanced refunding transactions which produced a savings <br />of$I,021,000 for the General Obligation Bonds and $373,000 for the Water and Sewer Revenue <br />Bonds. We will be forwarding to you in the next day or so a savings report on both bond issues, <br /> <br />We were extremely pleased to have handled these transactions for the City which will <br />result in a total savings in debt service payments of$I,394,000, <br /> <br />Yours very truly, <br /> <br />Qf6~J <br /> <br />President <br /> <br />RDF:smt <br />cc: City Manager <br />City Attorney <br />Director of Finance <br /> <br />~~in/g/.9 <br />