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<br />Proiect Designation & Description: <br /> <br />Total Proiect Cost <br /> <br />Pheasant Marsh Phase I Improvements <br />Costs of Issuance <br />Bond Discount <br />Capitalized Interest <br /> <br />$910,869 <br />16,000 <br />13 ,860 <br />49,271 <br /> <br />Total <br /> <br />$990,000.00 <br /> <br />(b) it is necessary and expedient to the sound financial management of <br />the affairs of the City to issue $990,000 General Obligation Improvement Bonds of 2001 <br />(Bonds) pursuant to the Act to provide financing for the Improvements. <br /> <br />2. To provide financing for the Improvements, the City will issue and sell Bonds in <br />the amount of $976,140. To provide in part the additional interest required to market the Bonds <br />at this time, additional Bonds will be issued in the amount of $13,860. The excess of the <br />purchase price of the Bonds over the sum of $976,140 will be credited to the debt service fund <br />for the Bonds for the purpose of paying interest first coming due on the additional Bonds. The <br />Bonds will be issued, sold and delivered in accordance with the terms of the following Terms of <br />Offering: <br /> <br />SJB-203936vl <br />CE155-17 <br />