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<br />(c) it is necessary and desirable to reduce debt service costs that the <br />City issue $1,975,000 General Obligation Refunding Improvement Bonds, <br />Series 1993 (Bonds) to refund certain outstanding general obligations of the <br />City; <br /> <br />(d) the outstanding bonds to be refunded (Refunded Bonds) consist <br />of the $2,885,000 General Obligation Improvement Bonds, Series 12, dated <br />November 1, 1985, of which $1,975,000 in principal amount is currently <br />callable on May 1, 1993. <br /> <br />2. To provide moneys to refund the Refunded Bonds and to pay the cost <br />of issuance thereof, the City will issue and sell Bonds in the amount of $1,945,375. <br />To provide in part the additional interest required to market the Bonds at this time, <br />additional Bonds will be issued in the amount of $29,265. The excess of the purchase <br />price of the Bonds over the sum of $1,945,375 will be credited to the debt service <br />fund for the Bonds for the purpose of paying interest first coming due on the <br />additional Bonds. The Bonds will be issued, sold and delivered in accordance with <br />the terms of the following Official Terms of Offering: <br /> <br />DJlt44317 <br />RS200-10 <br /> <br />2 <br />