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"Refunded Bonds" means those of the Prior Bonds actually selected to be refunded <br /> pursuant to the Escrow Agreement. <br /> "Tax-exempt" means, with respect to the Project Bonds, the status of interest paid and <br /> received thereon as excludable from the gross income of the owners thereof under the Code for <br /> federal income tax purposes. <br /> "Term Bonds" means Bonds subject to mandatory redemption and designated as term <br /> bonds in the Bond Notification. <br /> "Treasurer"means the Treasurer of the City. <br /> Section 2. Incorporation of Preambles. The Council hereby finds that all of the recitals <br /> contained in the preambles to this Ordinance are true, correct and complete and does incorporate <br /> them into this Ordinance by this reference. <br /> Section 3. Determination to Issue Bonds. It is necessary and desirable to provide for the <br /> Refunding,to pay all related costs and expenses incidental thereto,and to borrow money and issue <br /> the Refunding Bonds for such purposes. It is also necessary and desirable to undertake the Project, <br /> to pay all related costs and expenses incidental thereto, and to borrow money and issue the Project <br /> Bonds for any or all such purposes. It is hereby found and determined that each such borrowing <br /> of money is necessary for the welfare of the government and affairs of the City, is for a proper <br /> public purpose or purposes and is in the public interest, and is authorized pursuant to the Act; and <br /> these findings and determinations shall be deemed conclusive. <br /> Section 4. Bond Details. For the purpose of providing for such costs, there shall be <br /> issued and sold the Bonds, in one or more series as may be specified in the Bond Notification, in <br /> the aggregate principal amount of not to exceed $7,000,000 for the Refunding Bonds and not to <br /> exceed $2,300,000 for the Project Bonds. <br /> -6- <br />