2013-71 PROVIDING FOR THE ISSUANCE OF A PROMISSORY NOTE, SERIES 2013

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the City; and as otherwise determined in accordance with generally ac epted accounting principles for municipal enterprise funds. "System" means all property, real, personal or otherwise owned or to be owned by the City or under the control of the City, and used for waterworks purposes, including the construction, additions and improvements constituting a part of the Project and any and all further extensions, improvements and additions to the System. "Treasurer"means the Treasurer of the City. "Waterworks Fund" means the Waterworks Fund of the City (commonly known as the Water Fund),the existence of which is continued in Section 10 of this Ordinance. C. Certain further words and terms used in particular sections are defined below. Section 2. Incorporation of Preambles. The Council hereby find that all of the recitals contained in the preambles to this Ordinance are true, correct and complete arid does incorporate them into this Ordinance by this reference. Section 3. Determination to Issue the Note. It is advisable and in the best interests of the City and its residents to provide for the payment of the costs of the Project and to borrow money and issue the Note for such purpose. It is hereby found and determined that such borrowing of money is for a proper public purpose, in the public interest and authorized by Section 6 of Article VII of the Constitution. Section 4. Note Details. There shall be issued and sold a single Note in the principal amount of$17 0,000.not to-exceed-S17 '150.000 as set_forth in-the--Note. The Note shall be f designated "Promissory Note, Series 2013"; be dated August 15, 2013; and shall also bear the date of authentication thereof; and shall be in fully registered form. The Note shall become finally due and payable '(subject to optional-prepayment prior to matt rity as hereinafter described) on August 15, 2028. The Note shall bear interest at the rate of not to exceed 3.47% 1 per annum as set forth in the Note (computed an an aetual days elapsedtq)ollthe basis everof a - 5-