On January 1, 2019, Central City issued a 20-year serial bond to finance improvements to the water distribution system. Bonds with face value of $80 million were issues with coupon and maturity rates as follows:

Date	Rate	Amount
December 31, 2023	3.0%	$5,000,000
December 31, 2028	3.5%	$5,000,000
December 31, 2033	4.0%	$10,000,000
December 31, 2034	4.1%	$10,000,000
December 31, 2035	4.2%	$10,000,000
December 31, 2036	4.3%	$10,000,000
December 31, 2037	4.4%	$15,000,000
December 31, 2038	4.5%	$15,000,000

Central City received $80,500,000 from the bond issue. Find both the NIC and TIC. Explain your findings in a paragraph outlining for the city what you found.

Note: Please provide proper calculations and explanations.