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<br />(b) the City is authorized by Minnesota Statutes, Section 444.075 <br />(Act) to finance all or a portion of the cost of the Project (Project <br />Costs) by the issuance of general obligation bonds of the City <br />payable from the net revenues of the sewer system. The Project <br />Costs are presently estimated by the engineer to be as follows: <br /> <br />Project Designation & Description: <br /> <br />Total Project Cost <br /> <br />Total <br /> <br />$224,300.00 <br />7,435.00 <br />(3,345.00) <br />$228,390.00 <br />1,610.00 <br /> <br />$230,000.00 <br /> <br />Construction <br />Costs of Issuance <br />Less Investment Earnings <br />Subtotal <br />Discount <br /> <br />(c) it is necessary and expedient to the sound financial management <br />of the affairs of the City to issue $230,000 General Obligation <br />Sewer Revenue Bonds, Series 1992B (Bonds) pursuant to the Act <br />to provide financing for the Project. <br /> <br />2. In order to provide financing for the Project, the City will therefore <br />issue and sell Bonds in the amount of $228,390. To provide in part the additional <br />interest required to market the Bonds at this time, additional Bonds will be issued <br />in the amount of $1,610. The excess of the purchase price of the Bonds over the sum <br />of $228,390 will be credited to the debt service fund for the Bonds for the purpose <br />of paying interest first coming due on the additional Bonds. The Bonds will be <br />issued, sold and delivered in accordance with the terms of the following Terms of <br />Proposal: <br /> <br />SJll40487 <br />NE136-97 <br />