2000-02 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS

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, , - t � ORDINANCE NO. 82-22 AN ORDINANCE establishing procedures to be followed in incurring indebtedness for corporate purposes, issuing bonds to evidence such indebtedness and d'uecting the levying of taxes, , without limit as to rate or amount, for the purpose of paying principal and interest on such bonds as the same become due • (the "Enabling Ordinance"); and - WxEx�s the City has heretofore issued the following outstanding and validly subsisting and unpaid obligations: UNTT PRICED DEMAND ADJUSTABLE WATER REVENUE BONDS,SERIFs 1985 Original Principal Amount: $43,900,000 Dated: Apri129, 1985 Originally Due: May l, 2015, with mandatory redemptions on May 1 of the years 1989 through 2015 Amount proposed to be refunded: $34,700,000, which bonds may be called for redemption on any date at the redemption grice of par plus accrued interest(the "1985 Bonds");and W�1t�s pursuant to the Act, the City is authorized to issue general obligation bonds to accomplish the refunding (the "Refunding") of the 1985 Bonds (the "1985 Bonds"), and it is deemed necessary and desirable to provide for the issuance of not to exceed ^$30,660,000 principal amount general obligation bonds for such purpose; and WHEREAS the Council of the City dces hereby determine that it is advisable and in the best interests of the City to bonow an amount not to exceed ^$30,660,000 at this time pursuant to the Act for the purpose of paying the costs of the Refunding and, in evidence of such bonowing, issue its full faith and credit bonds in the principal amount of not to exceed ^$30,660,000; -2-