Ordinance 1055-84 - Laserfiche WebLink

stages and at such time or times as shall hereafter be determined by the Council. If the Council shall determine that it has become impracti- cal to undertake any part or all of the planning, development, acquisition, construction or equipping of the Center by reason of changed conditions, insufficient funding or increased costs, the Council may make such changes in the size, scope or details of the Project as it shall deem reasonable. Section 3 . Authorization of Bonds . For the purpose of providing part of the funds necessary to pay the capital costs for the acquisition, construction and equipping of the Jackson Civic Center and related facilities, the City shall issue its unlimited tax levy general obligation bonds in the aggregate principal amount of not to exceed $9 ,000,000 . The term "capital costs" shall be construed consistent with the term "capital purposes" in Article VII , § 2 (b) of the Washington Constitution and RCW 84 . 52. 056 and subject thereto shall include the costs of property acquisition, development and construction, and engineering, architectural , planning, finan- cial, legal and other services lawfully incurred incident thereto and to the issuance of the Bonds. The term capital costs shall not include replacement of equipment. Section 4 . Terms of the Bonds . The Bonds shall be issued in such amounts and at such time or times as deemed necessary and advisable by the Council, shall bear interest payable at a rate not to exceed the maximum rate permitted by law at the time said bonds are sold, shall be sold at public or private sale, as permitted by law, and shall mature within a maximum term of twenty (20) years from the date of issue but may mature at an earlier date or dates. Both principal of and interest on the Bonds shall be payable from annual levies in excess of the otherwise applicable constitutional and statutory tax limitations -3- 15 P