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Section 2. Incorporation of Preambles. The Council hereby find that all of the recitals <br /> contained in the preambles to this Ordinance are true, correct and com lete and does incorporate <br /> them into this Ordinance by this reference. <br /> Section 3. Determination to Issue Notes . It is necessary nd in the best interests of <br /> the City to provide for the payment of the costs of the 2007 Acquisi ion for the public welfare <br /> and convenience, and to pay all related costs and expenses inciden�al thereto, and to borrow <br /> money and issue the Notes for such purposes. It is hereby found nd determined that such <br /> borrowing of money is for a proper public purpose or purposes and is in the public interest, and <br /> is authorized by Article VII, Section 6 of the Constitution. <br /> Section 4. Note Details. There shall be issued and sold t e Notes in the aggregate <br /> principal amount of not to exceed $7,250,000. The Notes, if issued shall each be designated <br /> "Taxable General Obligation Note, Series 2007"; be dated October 1, 2007 (the "Dated Date"); <br /> and shall also bear the date of authentication thereof. The Notes shall e in fully registered form; <br /> shall be in denominations of $5,000 or integral multiples the eof; shall be numbered <br /> consecutively in such reasonable fashion as shall be determined by th� Note Registrar; and shall <br /> be payable on December 15, 2010, in the amount of not to excee $7,250,000 and bearing <br /> interest at the rate of not to exceed 5.75% per annum as set forth in the Note Notification (as <br /> hereinafter defined). <br /> Each Note shall bear interest from the later of the Dated Dat or from the most recent <br /> interest a ment date to which interest has been aid or dul rovi ed for until the rinci al <br /> PY P YP , P P <br /> amount of each such Note is paid or duly provided for, such interest (c mputed upon the basis of <br /> a 360-day year of twelve 30-day months) being payable on June 15 and December 15 of each <br /> year, commencing June 15, 2008. If the Notes are held in Book Ent Form as hereinafter more <br /> specifically set forth, interest on each Note shall be paid to the Depo itory by check or draft or <br /> -4- <br />