95-77 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS

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1 � � t 1 "Pledged Tcr�es" means the taxes levied on the taxable property within the City to pay principal of and interest on the Bonds as made in Section 10 hereof. "Prior Bonds" means the bonds of the City described and defined as such in the preambles to this Ordinance. "Refunding" means the refunding of the Prior Bonds from proceeds of the Bonds and such other lawfully available funds of the City as necessary. , "Tax-exempt" means, with respect to the Bonds, the status of interest paid and �'' received thereon as not includible in the gross income of the owners thereof under the Code '� for federal income tax purposes except to the extent that such interest will be taken into , account in computing an adjustment used in determining the alternative minimum tax for I certain corporations, in computing the environmental tax imposed on certain corporations and in computing the "branch profits tax" imposed on certain foreign corporations. Terms used in the singulaz may be referred to in the plural and vice-versa. Reference to either gender shall include the other. Other words and terms are as defined in various sections of this Ordinance. The Table of Contents and Headings in this Ordinance are for the convenience of the reader and have no legal effect. Section 2. Incorporation of Preambles. The Council hereby fnds that all of the recitals contained in the preambles to this Ordinance are true, correct and complete and does incorporate them into this Ordinance by this reference. Section 3. Determination To Issue Bonds. It is necessary and in the best interests of the City to provide for the Refunding, to pay all related costs and expenses incidental thereto, and to borrow money and issue the Bonds for such purposes. It is hereby found and deternlined that such borrowing of money is necessary for the welfare of the government and affairs of the City, is for a proper public purpose or purposes and is in the public -5-