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<br />~ <br /> <br />. <br /> <br />-3- <br /> <br />The statutes indicate that if a bond issue is less than $250,000 we <br />do not have to publicly sell the bonds. In this particular case the <br />First State Bank of New Brighton has told me that they will privately <br />place our bond amount of $150,000. We can have O'Connor & Hannon <br />prepare a very simple bond document which should save approximately <br />$2,000 - $3,000 of the Bond issuance expense as budgeted above. <br />My discussions with the bank have centered on a G.O Bond of $150,000 <br />for 10 years, with a call feature after 6 years, at a rate of <br />approximately 8.6%. <br /> <br />mh <br />