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q.D-5 <br />Aftnmthpe <br />The Council may reject staff's recommendation either to sell 2003 bonds to refund the <br />1991 bonds or to sell new money 2003 bonds to fund approximately $2.89 million <br />redevelopment capital projects, or the PAL loan, or any combination of the foregoing. <br />Not refunding the 1991 bonds would keep debt service at current levels and would <br />mean foregoing debt service savin s. Not selling new money 2003 binds would require <br />either a reduction in the number of projects and/or a reduction in the dollar value of the <br />projects to be financed by the Agency, or would require the City to find another source <br />of funds to lend to the Agency to allow it to complete the list of projects previously <br />approved by the Agency Board. If the City guarantees a bank loan to the PAL, not <br />selling these bonds would cause the City to cancel or defer certain capital projects if the <br />City is required to repay all or a portion of PAL's loan from Bay Area Bank. <br />P L <br />Brian J. Ponty <br />Director of Finance/Treasurer, Public <br />Financing Authority <br />C/ J / <br />Ed Everett <br />City Manager /Executive Director, <br />Public Financing Authority <br />Attachments: <br />I Description of Projects <br />II Sources and Uses of Funds <br />III Debt Service Comparison <br />IV Summary of Principal Legal Documents <br />V Preliminary Official Statement <br />5 <br />