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Reso to Refinancing of <br />2004 Water System Bonds <br />July 15, 2014 <br />Page 3 <br />FISCAL IMPACT <br />Total savings are estimated at approximately $1.5 million during the term of the Water System <br />Bonds. In addition, $5.8 million will be received as bond proceeds for water related capital projects. <br />Upon closing of the bond issuance, staff will present the City Council an appropriation adjustment <br />to authorize the allocation of proceeds for the water system projects. <br />ar 2t . <br />Francisco Gutierrez <br />Executive Director <br />Finance and Management Services Agency l <br />3 -3 <br />