Ordinance 658-80 - Laserfiche WebLink

A room, three multi-use meeting rooms, locker rooms and showers, and a gym facility for volleyball, basketball, badminton and other ac- tivities, and such other capital park purposes as the City Council may determine (collectively called the "Park Project" ) , the esti- mated cost of which is declared to be $11 ,200,000. The costs of engineering , planning, financial, legal and other services lawfully incurred incident to the acquisition, development and improvement of the Park Project and the sale of the bonds authorized by this ordinance shall be appropriate costs of such Project. The cost set forth in this section is an estimate only. It is contemplated that actual cost of the Park Project may be more or less than the amount estimated for the Park Project, and the City Council shall determine the application of the proceeds of the bonds provided for in this ordinance as between portions of the Project so as to accomplish, as nearly as may be, all of such Project. If the City Council shall determine that it has become imprac- tical to accomplish substantially any portion of the Park Project by reason of prior incompatible development, cost substantially in excess of the amount of bond proceeds estimated to be applied thereto, prior acquisition by a superior governmental authority or other changed conditions , the City shall not be required to accom- plish such portion thereof and may apply such funds as provided in Section 4. Section 2. The City shall borrow not to exceed $11 ,200,000 on the credit of the City and issue and sell its negotiable general obligation bonds therefor for strictly municipal capital purposes, other than the replacement of equipment, for the purpose of pro- viding funds in the amount and for the purposes specified in this ordinance. The bonds shall be issued as indebtedness incurred - 2 -