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specified in the attached schedule. There is also a windfall by allowing the Treasurer to <br />accrue interest on the funds reserved at a rate of 6% versus 3.75% - 4.05% interest on <br />the COP's. Arbitrage rules would not apply to the funds held with the Treasurer since <br />these funds would be General Fund monies reserved through a resolution. The <br />amount of interest savings would be approximately $40k-$50k. <br />The above options have been discussed with Bond Counsel (Ed Einowski from Stoel <br />Rives, LLP) and either option can be used. An arbitrage analysis of the monies held in <br />Trust will need to be completed before any motion is made to call any series of COP's. <br />The financial advisor for the COP's was R.S. Clements & Associates and was used only <br />for the issuance of the COP's and is not an ongoing financial advisor. <br />I am available at your convenience to discuss this matter further. <br />