-2-



represents a spread of less than one/lOOth of one percent. He then
provided the following information:



Principal amount of bond sale
Final maturity
Cumulative savings on this sale
Present value of savings
4.61 of the refunded bonds



$55,540,000
Year of 2011
$3,219,062
$2,285,299



Mr. Hardymon also informed the members of the Committee of the total
savings to-date from bond refinancing:



Average annual savings of debt service
Up-to-date cumulative savings
Present value
Annual savings



$178, 837.00
Over $9.7 million
Over $7.1 million
$695,017



      Mr. Hardymon's motion was seconded by Mr. Sturgill and passed.
(See PR 1 at the end of the Minutes.)

       C.    Meeting-Adjourned

       There being no further business to come before the Executive
Committee, the meeting adjourned at 12:13 p.m.

                                       Respectfully submitted?


                                       Lois C. Weinberg
                                       Secretary
                                       Board of Trustees


(PR 1 which follows is an official part of the Minutes of the meeting.)



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