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e <br /> WHEREAS the Council has considered the needs of the City and has heretofore determined <br /> and does hereby determine that it is advisable, necessary and in the best interests of the City to <br /> fund improvements to two existing City-owned parking garages located at 170 East North Street <br /> and 136 South Franklin Street and construction of a new approximately 60-space surface parking <br /> lot to be located at 332-356 North Main Street (the "2010C Project"); and <br /> WHEREAS, the estimated cost to the City of the 2010C Project, including costs of issuance <br /> for the Bonds, is the sum of$2,800,000 plus any estimated available amount of interest earnings <br /> on said sum prior to its expenditure; and <br /> WHEREAS, there are insufficient funds on hand and available to pay the costs of the <br /> 2010C Project, and it is necessary for that purpose that a sum to pay such costs be borrowed at <br /> this time, and in evidence of such indebtedness, general obligation bonds of the City be issued in <br /> the principal amount of$2,800,000 (the "2010C Project Bonds"), and that such indebtedness be <br /> incurred in accordance with the Act as hereinafter defined, and without submitting the question <br /> of incurring such indebtedness to the electors of the City for their approval; and <br /> WHEREAS, the Council does hereby determine that it is advisable and in the best interests <br /> of the City to borrow $2,800,000 at this time pursuant to the Act for the purpose of paying the <br /> costs of the 2010C Project and, in evidence of such borrowing, issue its full faith and credit <br /> bonds in the principal amount of$2,800,000; and <br /> WHEREAS, the City has heretofore issued the following outstanding and validly subsisting <br /> and unpaid general obligations: <br /> -4- <br />