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Subject: Presentation from R. W. Baird on the Status of 2010 Capital Borrowing for the Water Utility (Res.09-1716)
Recommendation of the Racine Waterworks Commission of 9-29-09: To adopt the use of the Traditional Tax-Exempt Borrowing plan. Refer to the Finance and Personnel Committee.
Recommendation of the Finance & Personnel Committee on 10-12-09: Recommends approval for the Waterworks Commission to obtain Waterworks System Mortgage Revenue Bonds to cover Capital Expenditures for the Water Utility.
Fiscal Note: The principal amount should not exceed $3,500,000 with an anticipated interest rate of approximately 5.17%. Final amounts and rates will be determined in the market place.