Ordinance 546-78 - Laserfiche WebLink

• ( i ) Such other capital street projects as the City Council shall deem necessary. Such Street Projects shall include all necessary and appropri- ate construction, and acquisition of necessary property, rights of way and other property rights in order to carry out such Projects. The estimated cost of such Street Projects is $10, 093, 000. The costs of engineering , planning , financial , legal and other services lawfully incurred incident to the acquisition and development of the Street Projects shall be appropriate costs of such Projects. The cost set forth in this section is an estimate only. It is contemplated that actual costs of the individual Street Projects may be more or less than the amount estimated for any Project, and the City Council shall determine the application of the proceeds of the bonds provided for in this ordinance as between Projects or portions of Projects so as to accomplish, as nearly as may be, all such Projects. If the City Council shall determine that it has become imprac- tical to accomplish substantially any Street Project or portion thereof by reason of prior incompatible development, cost substan- tially in excess of the amount of bond proceeds estimated to be applied thereto, prior acquisition by a superior governmental autho- rity or other changed conditions, the City shall not be required to accomplish such Project or portion thereof and may apply such funds as provided in Section 4 . Section 2 . The City shall borrow not to exceed $10, 093, 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 provid- ing funds in the amount and for the purposes specified in Section 1 hereof. - 3 -