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of the Bonds is hereby authorized. The proceeds from the issuance and sale of the Bonds shall <br /> <br />be used to pay the costs of the Project. <br /> <br /> 2. Pledge of Full Faith and Credit. The full faith and credit of the City are hereby <br /> <br />irrevocably pledged for the payment of the principal of, premium, if any, and interest on the <br /> <br />Bonds as the same become due and payable. The City Council shall levy an annual ad valorem <br /> <br />tax upon all property in the City, subject to local taxation, sufficient to pay the principal of, <br /> <br />premium, if any, and interest on the Bonds as the same become due and payable unless other <br /> <br />funds are lawfully available and appropriated for the timely payment thereof. <br /> <br /> 3. .Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms <br /> <br /> established pursuant to this Resolution and upon such other terms as may be determined in the <br /> <br /> manner set forth in this Resolution. The Bonds shall be issued in fully registered form, shall be <br /> <br /> dated such date as the Chief Financial Officer may approve, shall be in denominations of $5,000 <br /> <br /> and integral multiples thereof and shall be numbered from R-1 upwards consecutively. The <br /> <br /> Bonds shall be issued in one or more series in such aggregate principal amount, and may be <br /> <br /> combined with other authorized general obligation bonds of the City, including refunding bonds, <br /> <br /> and shall mature on such dates and in such amounts as the Chief Financial Officer may approve <br />, <br /> provided that the aggregate principal amount of the Bonds shall not exceed the amount set forth <br /> <br /> in Section 1 and the final maturity shall not exceed approximately 25 years from their date. The <br /> <br /> Bonds shall bear interest, payable semi-annually, at such rate or rates and shall be sold at such <br /> <br /> price or prices and in such manner as may be determined by the City Manager and the Chief <br /> <br /> Financial Officer, or either of them; provided that the true interest cost of the Bonds shall, not <br /> <br /> exceed 7.5% per annum and the purchase price shall be not less than 97% of the par mount of <br /> <br /> the Bonds, not taking into account any original issue discount or any bond insurance premium. <br /> <br /> -2- <br /> <br /> <br />