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Pension Debt Refinancing Status <br />• March 11 Competitive Proposals for Underwriters Received <br />• March 26 Filed for Judicial Validation <br />• April 19 Interviewed Underwriters <br />• May 18 Propose Underwriters for Council Consideration <br />• July — September <br />• Bond Documents for Council Consideration, including Preliminary Official <br />Statement <br />• Obtain Credit Rating <br />• Issue Debt <br />Savings not included in draft budget yet <br />is <br />