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<br />; ,I-, . <br /> <br />... <br /> <br />(b) it is necessary and desirable that the City issue $1,630,000 <br />General Obligation Capital Improvement Refunding Bonds, Series 1992C <br />(Bonds) to refund in advance of maturity and at their redemption date, <br />certain outstanding general obligations of the City; <br /> <br />(c) the outstanding bonds to be refunded (Refunded Bonds) consist <br />of the $2,350,000 General Obligation Capital Improvement Refunding Bonds, <br />Series 1986, dated August 1, 1986, of which $1,550,000 in principal amount is <br />callable on February 1, 1994. <br /> <br />2. To provide moneys to refund in advance of maturity the Refunded <br />Bonds, the City will therefor issue and sell Bonds in the amount of $1,613,000. In <br />order to provide in part the additional interest required to market the Bonds at this <br />time, additional Bonds will be issued in the amount of $16,300. The excess of the <br />purchase price of the Bonds over the sum of $1,613,000 will be credited to the debt <br />service fund for the Bonds for the purpose of paying interest first coming due on <br />such additional Bonds. The Bonds shall be issued, sold and delivered in accordance <br />with the terms and conditions of the following Terms of Proposal: <br /> <br />SJll40S09 <br />NE136-97 <br />