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Limited Tax General Obligation Bond, 2017 (Taxable) <br />• The holder of the existing 2014 Note (Bank of the West) is not interested in extending <br />the existing facility <br />• On September 7th, PFM distributed an Request for Proposals for replacement financing <br />on behalf of the City <br />The RFP was distributed to 18 banks, of which 7 responded <br />Cashmere Valley Bank provided the most advantageous financing terms for the <br />proposed Limited Tax General Obligation Bond, 2017 (Taxable) (the "2017 TIB <br />Bond") <br />Five year final maturity (December 1, 2022) <br />• Initial rate of 2.60%, increasing to 2.80% in year 4 and 3.00% in year 5 <br />Estimated "True Interest Cost" of 2.71% through maturity <br />• Prepayable at any time — as TIB properties are sold, the 2017 TIB Bond may be <br />paid down <br />IV <br />01 <br />4 <br />