Ordinance 1345-87 - Laserfiche WebLink

authorized by the legislative authority of the City and as provided by law. The exact date, form, terms, options of redemp- tion, maturities and conditions of sale of the bonds shall be as hereafter fixed by ordinance or ordinances of the legislative authority of the City passed for such purpose. Section 6 . Parks Project Funding. For the purpose of providing funds necessary to pay a portion of the capital costs of the Parks Project as authorized in Section 2 .D. of this ordinance, the City hereby authorizes the issue of its unlimited tax levy general obligation bonds in the aggregate principal amount of $8 ,579 ,000 . The bonds shall be issued in such amounts at such time or times as found necessary and advisable by the legislative authority of the City; may be issued in one or more series; may be combined with other authorized general obligation bonds of the City and issued and sold as single issues of City bonds; and shall bear interest payable at a rate or rates not to exceed a maximum rate authorized by the legislative authority of the City. The bonds shall mature in such amounts and at such times within a maximum term of 20 years from date of issue, but may mature at an earlier date or dates as authorized by the legislative authority of the City and as provided by law. The exact date, form, terms, options of redemption, maturities and conditions of sale of the bonds shall be as hereafter fixed by ordinance or ordinances of the legislative authority of the City passed for such purpose. Section 7 . Levy and Bond Election. It is hereby found and declared that an emergency exists requiring the submission to the qualified electors of the City of two propositions authorizing regular property tax levies in excess of the 106% levy limitation for the purposes described in this ordinance and two propositions of whether or not the City shall issue bonds for the purposes specified in this ordinance at a special election to be held JAR79/29 -9-