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2. The full faith and credit of the City shall be and <br />hereby is irrevocably pledged to the payment of the principal <br />of and interest on the Bonds as the same become due. In each <br />year while the Bonds, or any of them, are outstanding and <br />~paid, there shall be assessed, levied and collected, upon <br />all property within the City subject to taxation by the City <br />a tax sufficient to provide for the payment of the principal <br />of and interest on the Bonds as the same become due. <br /> <br /> 3. The proceeds of sale of the Bonds shall be applied <br />to the paymen~ of the costs of the public improvemen5 <br />projects described below in substantially the amounts set <br />forth opposite the descriptions of the respective projects: <br /> <br />PROJECTS AMOUNT <br /> <br />Drainage, Curb, Gutters and <br /> Street Improvements <br />Education <br />Urban Renewal and Priority Action <br /> Program <br />Industrial and Economic <br />Parks and Recreation <br />Public Safety <br />Municipal Facilities and <br /> Services <br /> <br /> $1,149,750 <br /> 5,450,000 <br /> <br /> 1,550,000 <br />Developmenn 400,000 <br /> 947,850 <br /> 50,000 <br />Community <br /> 452,400 <br /> <br />TOTAL <br /> <br />$10,000,000 <br /> <br />provided, that if any such pro]ect shall require less than <br />the entire respective amount set forth above, the difference <br />may be applied to pay the cost of any other project so set <br />forth. <br /> <br /> 4. In anticipation o~ the issuance of the Bonds and <br />the receipt of the proceeds thereof, there are hereby <br />authorized to be issued and sold ten million dollars <br />($10,000,000) aggregate principal amount of general <br />obligation bond anticipation notes of the City (the "Notes"). <br />The proceeds of the Notes shall be applied for the same <br />purposes and in the same respective amounts as are specified <br />in paragraph 3 with respect to the application of the <br />proceeds of the Bonds. The Notes may be issued in their <br />entirety at one time, or in part from time to time, at any <br />time; shall mature and be payable within two years from their <br />date; and shall be sold at competitive or negotiated sale at <br />non less than par plus interest accrued thereon from the date <br />thereof to the date of the delivery thereof and paymen5 <br />therefo~ and on such other terms and conditions as are <br />determined by the Director of Finance of the City. The City <br />may sell all or part of the Notes alone or contemporaneously <br />with any other general obligation notes or with any general <br />obligation bonds of the City. There may be prepared and <br /> <br /> <br />