Ordinance 656-80 - Laserfiche WebLink

B. The words "Golf Courses" mean the Legion Memorial and Walter E. Hall Memorial Golf Courses of the City as the same shall be added to, bettered, and improved and extended for as long as the Warrants are outstanding. C. The words "Gross Earnings and Revenue" mean all of the earnings and revenue received by the City from the opera- tion of the Golf Courses. D. The words "Operating and Maintenance Expenses" mean the normal expenses incurred by the City in causing the Golf Courses to be operated and maintained in good condition, which shall exclude nonrecurring expenditures. E. The word "Plan" means the plan for irrigation improve- ments to the Golf Courses heretofore approved by the Plan Ordinances. F. The word "Project" means the irrigation improvements to the Golf Course System described in the Plan. G. The wcrds "Project Fund" mean the Golf Course Irrigation Construction Fund 313, created by Ordinance No. 440-77 . H. The word "Warrants" means the revenue warrants issued pursuant to and for the purposes provided in this ordinance . I. The words "Warrant Fund" mean the "Golf Course Revenue Warrant Fund (Fund No. 223) , " created by Section V of this ordinance. SECTION II For the purpose of repaying outstanding interim financing for the Project, and to pay other project costs, the City shall issue the Warrants in an aggregate principal amount of $128 , 089. 47 . Warrants shall be numbered from one up consecutively in order of their issuance, and shall each be registered as of the day of delivery thereof to the purchaser thereof, and shall bear interest, at the rate of 7-1/2% per annum, from such date of registration. The Warrants (other than Warrant No. 1) shall be in the denomina- tion of $1, 000 each, or any multiple thereof. -2-