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t . �. <br /> "2004 Project" means the City's various capital improvement projects and acquisitions <br /> as described and defined as such in the preambles to this Ordinance. <br /> "Tax-exempt" means, with respect to the Bonds, the status of interest paid and received <br /> thereon as not includible in the gross income of the owners thereof under the Code for federal <br /> income tax purposes except to the extent that such interest will be taken into account in <br /> computing an adjustment used in determining the alternative minimum tax for certain <br /> corporations. <br /> "Term Bonds" means Bonds subject to mandatory redemption by operation of the Bond <br /> Fund and designated as term bonds herein. <br /> Section 2. Incorporation of Preambles. The Council hereby finds that all of the <br /> recitals contained in the preambles to this Ordinance are true, correct and complete and does <br /> incorporate them into this Ordinance by this reference. <br /> Section 3. Determination to Issue Bonds. It is necessary and in the best interests of <br /> the City to finance the 2004 Project, to pay all related costs and expenses incidental thereto and <br /> to borrow money and issue the Bonds for such purposes. It is hereby found and determined that <br /> such borrowing of money is necessary for the welfare of the government and affairs of the City, <br /> is for a proper public purpose or purposes and is in the public interest, and is authorized <br /> pursuant to the Act; and 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 the principal amount of $12,245,000. The Bonds shall each be <br /> designated "General Obligation Bond, Series 2004A"; shall be dated March 15, 2004 (the <br /> "Dated Date"); and shall also bear the date of authentication thereof. The Bonds shall be in <br /> fully registered form, shall be in denominations of$5,000 or integral multiples thereof (but no <br /> single Bond shall represent principal maturing on more than one date), shall be numbered 1 and <br /> -4- <br />