Laserfiche WebLink
+ � 4 <br /> � <br /> Section 2. Incorporation of Preambles <br /> The Council hereby find that all of the recitals con- <br /> tained in the preambles to this Ordinance are true, correct and <br /> complete and does incorporate them into this Ordinance by this <br /> reference. <br /> Section 3. Determination To Issue Bonds <br /> It is necessary and in the best interests of the City <br /> to acquire and construct the Project, to pay all related costs <br /> and expenses incidental thereto, and to borrow money and issue <br /> the Bonds for such purposes. It is hereby found and determined <br /> that such borrowing of money is for a proper public purpose or <br /> purposes and is in the public interest, and is authorized by <br /> Article VII, Section 6 of the Illinois Constitution and by the <br /> Enabling Ordinance. <br /> Section 4. Bond Details <br /> For the purpose of providing for the payment of the <br /> costs of the Project, and to pay all related costs and expenses <br /> incidental thereto, there shall be issued and sold the Bonds in <br /> the aggregate principal amount of $2,000,000. The Bonds shall <br /> each be designated "Corporate Purpose Bond, Series 1987" ; be <br /> dated December 1, 1987 (the "Dated Date" ) ; and shall also bear <br /> the date of authentication thereof. The Bonds shall be in fully <br /> registered form, shall be in denominations of $200,000 (but no <br /> single Bond shall represent principal maturing on more than one <br /> date) , shall be numbered consecutively in such fashion as shall <br /> -5- <br />