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<br />(c) <br /> <br />the City is authorized by Section 469.178 of the TIF Act to issue and sell its <br />general obligations to pay all or a portion of the public development costs <br />(Costs) related to the District and the NW Quad as identified in the tax <br />increment financing plan (Plan) for the TIF District; <br /> <br />(d) <br /> <br />the Plan authorizes the following Costs to be financed by the general <br />obligations: <br /> <br />Public Development Cost <br /> <br />Land acquisition, demolition, relocation, <br />remediatIOn, administration, and <br />related development costs <br />Underwriter's Discount <br />Capitalized Interest <br />Costs of Issuance <br /> <br />Amount <br /> <br />Total Issue <br /> <br />$17,035,538 <br />310,950 <br />3,316,362 <br />67.150 <br />$20,730,000* <br /> <br />*all amounts subject to adjustment in accordance with the Tenns of Proposal <br /> <br />(e) <br /> <br />it is necessary and expedient to the sound financial management of the <br />affairs of the City to issue approximately $20,730,000 General Obligation <br />Tax Increment Bonds, Series 2006A (Bonds) to provide financing for the <br />Costs. <br /> <br />. In order to provide financing for the Costs, the City will therefore issue and sell <br />Bonds' the amount of $20,419,050. In order to provide in part the additional interest required <br />to mar t the Bonds at this time, additional Bonds will be issued in the amount of $310,950. The <br />excess f the purchase price of the Bonds over the sum of $20,419,050 will be credited to the <br />debt s ice fund for the Bonds for the purpose of paying interest first coming due on the <br />additi al Bonds, or deposited in the project fUnd, as determined by the City's financial advisor. <br />The B ds will be issued, sold and delivered in accordance with the terms of the following <br />Terms f Proposal: <br />