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4� <br /> r y <br /> � <br /> t � <br /> i <br /> s <br /> ORDINAIVCE NO. 82-22 <br /> AN ORDINANCE establishing procedures to be followed in <br /> incurring indebtedness for corporate purposes, issuing bonds to <br /> evidence such indebtedness and directing the levying of taxes, <br /> without limit as to rate or amount, for the purpose of paying <br /> principal and interest on such bonds as the same become due <br /> (the "Enabling Ordinance"); and <br /> WHEREAS the City has heretofore issued the following outstanding and validly <br /> subsisting and unpaid obligations: <br /> GENERAL OBLIGATION BONDS, SERIES 1991 <br /> Original Principal Amount: $17,955,930.20 <br /> Dated: September 1, 1991 <br /> Originally Due: October 1 of the years 1992 through 1999 and 2014 <br /> Amount proposed to be refunded: $8,285,000 <br /> Refunded Bonds Due October 1 as follows: <br /> YEAR AMOUNT($) RATE(°Io) <br /> 1996 765,000 5.70 <br /> 1997 810,000 5.90 <br /> 1998 940,000 6.00 <br /> 1999 1,000,000 6.10 <br /> 2014 4,770,000 6.90 <br /> which bonds maturing on October l, 2014, may be called for redemption on October l, <br /> 2001, or on any date thereafter at the redemption price of par plus accrued interest (the <br /> "1991 Bonds"); and <br /> WHEREAS the 1991 Bonds bear interest at higher rates than those currendy available <br /> in the bond markets, and may be advance refunded for net debt service savings; and <br /> -2- <br />