Laserfiche WebLink
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 />unpaid, 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 payment of the costs of the public improvement <br />pro3ects described below in substantially the amounts set <br />forth opposite the descriptions of the respective projects: <br /> <br />PROJECTS AMOUNT <br /> <br />Community Services <br />Education <br />Parks and Recreation <br />Drainage, Curbs, Gutters and <br /> Street Improvements <br />Urban Renewal and Priority Action <br /> Programs <br />Industrial and Economic Redevelopment <br /> <br />$ 872,608 <br /> 246,000 <br /> 1,512,000 <br /> <br /> 2,426,676 <br /> <br /> 300,000 <br /> 112,716 <br /> <br />TOTAL $ 5,470,000 <br /> <br />provided, that if any such project 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 of the issuance of the Bonds and <br />the receipt of the proceeds thereof, there are hereby <br />authorized to be issued and sold $5,470,000 aggregate <br />principal amount of general obligation bond anticipation <br />notes of the City (the "Notes"). The proceeds of the Notes <br />shall be applied for the same purposes and in the same <br />respective amounts as are specified in paragraph 3 with <br />respect to the application of the proceeds of the Bonds. The <br />Notes may be issued in their entirety at one time, or in part <br />from time to time, at any time; shall mature and be payable <br />within two years from their date; and shall be sold at <br />competitive or negotiated sale at not less than par plus <br />interest accrued thereon from the date thereof to the date of <br />the delivery thereof and payment therefor and on such other <br />terms and conditions as are determined by the Director of <br />Finance of the City. The City may sell all or part of the <br />Notes alone or contemporaneously with any other general <br />obligation notes or with any general obligation bonds of the <br />City. There may be prepared and distributed a preliminary <br /> <br /> <br />