Laserfiche WebLink
8 <br /> <br />October 10, 1989 <br /> <br />(the "Bonds"). As determined by resolution of the Council, or <br />determined by the Director of Finance of the City which <br />determination shall be approved or ratified by resolution of <br />the Council adopted prior to or at the time of sale of the <br />particular Bonds: the Bonds may be sold in their entirety at <br />one time, or in pa~t from time to time, at any~time and the <br />Bonds of-each issue.shall be in such form, be of such <br />denomination, be payable at such time or times not exceeding <br />forty (40) years~fro~ their date, bear interest at a rate or <br />rates-not exceeding the maximum~rate of interest authorized by <br />law at the-t~m~.ofrthe sale'of Such bonds, be sold in such <br />manner and have such Other details as are deemed <br />necessary or advis~b~e~ The City may sell all or part of the <br />Bonds along or contemporaneously with any. other general <br />obligation bonds or with any general obligation bond <br />anticipation notes of the City. <br /> <br /> 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 all <br />property within the City subject to taxation by the City a tax <br />sufficient to provide for the payment of the principal of and <br />interest on the Bonds as the same become due. <br /> <br /> 3. The proceeds of sale of the Bonds shall be applied to <br />the payment of the costs of the public improvement projects <br />described below in substantially thelamounts set forth opposite <br />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 Development <br />Parks and Recreation <br />Public Safety <br />Municipal Facilities and Community <br /> Services <br /> <br />$1,304,300 <br />6,461,500 <br /> <br /> 400,000 <br /> 924,500 <br /> 2,884,000 <br /> 335,000 <br /> <br /> 640,700 <br /> <br />TOTAL $12,950,000 <br /> <br />provided, that if any such project shall require less than the <br />entire respective amount set forth above, the difference may be <br />applied to pay the cost of any other project so set forth. <br /> <br /> 4. 'In anticipation of the issuance of the Bonds and the <br />receipt of the proceeds thereof, there are hereby authorized to <br />be issued and sold twelve million, nine hundred fifty thousand <br />dollars ($12,950,000) 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 in <br />paragraph 3 with respect to the application of the proceeds of <br />the Bonds. The Notes may be issued in their entirety at one <br />time, or in part from time to time, at any time; shall mature <br />and be payable within two years from their date; and shall be <br />sold at competitive or negotiated sale at not less than par <br /> <br /> <br />