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(c) Debt Capacity. The maximum amount of indebtedness authorized by this ordinance <br />is $28,000,000. Based on the following facts, this amount is to be issued within the amount permitted <br />to be issued by the City for general municipal purposes without a vote: <br />(1) The assessed valuation of the taxable property within the City as ascertained <br />by the last preceding assessment for City purposes (i.e., for collection in the calendar year 2025) is <br />$27,84707,386. <br />(2) As of the date of this ordinance, the City has limited tax general obligation <br />indebtedness, consisting of bonds, notes, public works trust fund loans and City guarantees <br />outstanding in the principal amount of $18,503,523, which is incurred within the limit of up to 1V2% <br />of the value of the taxable property within the City permitted for general municipal purposes without <br />a vote. <br />(3) As of the date of this ordinance, the City has no unlimited tax general <br />obligation indebtedness incurred with the approval of the requisite proportion of the City's qualified <br />voters at an election meeting the minimum turnout requirements, within the limit of up to 21/2% of the <br />value of the taxable property within the City for general municipal purposes (when combined with <br />the outstanding limited tax general obligation indebtedness), 21/2% for utility purposes and 21/2% for <br />open space, parks and economic development purposes. <br />(d) The Bonds. For the purpose of providing the funds necessary to carry out the Projects <br />and to pay the costs of issuance and sale of the Bonds, the City Council finds that it is in the best <br />interests of the City and its taxpayers to issue and sell one or more Series of the Bonds to the <br />Purchaser of each Series, pursuant to the terms set forth in one or more Bond Purchase Agreements, <br />as approved by the City's Designated Representative consistent with this ordinance. <br />Section 2. Definitions. <br />(a) Defined Terms. As used in this ordinance, the following definitions shall apply <br />unless a different meaning clearly appears from the context: <br />(1) "Authorized Denomination" means $5,000 or any integral multiple thereof <br />within a maturity of a Series. <br />(2) "Beneficial Owner" means, with respect to a Bond, the owner of any <br />beneficial interest in that Bond. <br />(3) "Bond" means each bond issued pursuant to and for the purposes provided in <br />this ordinance. <br />(4) "Bond Counsel" means the firm of Stradling Yocca Carlson & Rauth LLP, its <br />successor, or any other attorney or firm of attorneys selected by the City with a nationally recognized <br />standing as bond counsel in the field of municipal finance. <br />(5) "Bond Purchase Agreement" means an offer to purchase a Series of the <br />Bonds pursuant to certain Sale Terms, setting forth certain terms and conditions of the issuance, sale <br />and delivery of such Series, which offer is authorized to be accepted by the Designated <br />Representative on behalf of the City, consistent with this ordinance. In the case of a competitive sale, <br />the official notice of sale, the Purchaser's bid and the award by the City, and a certificate of the <br />Designated Representative confirming the Sale Terms shall constitute the Bond Purchase Agreement <br />for purposes of this ordinance. <br />2 <br />