(Page 70) The Debt Service Fund for FY 08-09 includes principal, interest and paying agent fees on G. O. Bond Series 2003 (1996 Series refinanced) (Bedford Park Water Main Project). No abatement for the principal and interest on this bond issue is proposed. With this in mind, it is anticipated that property taxes in the amount of $501,215 will be received in FY 08-09 to cover the cost of the principal ($380,000) and Interest ($121,215) on the Bond issue.

The Debt Service Fund also includes $43,125 for principal and interest payments on a proposed installment contract to fund the Downtown Entranceway hardscape and landscape project.