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<br /> The following schedule sets forth the maturity schedule for all general
<br /> obligation debt of the City as of the closing of this issue.
<br /> Fiscal Annual Cumulative
<br /> Year Retire�ent* Betireaent* Percentage*
<br /> 1984 $ 1,220,000 $ 1,200 5.50X
<br /> 1985 1,245,000 2,515 11.33
<br /> 1986 1,440,000 3,955 17.82
<br /> 1987 1,290,000 5,245 23.63
<br /> 1988 1,325,000 6,570 25.59
<br /> I989 1,140,000 7,710 34.73
<br /> 1990 1,235,000 8,945 40.29
<br /> 1991 1,225,000 10,170 45.81
<br /> 1992 1,295,000 11,465 51.64
<br /> 1993 1,200,000 12,665 57.05
<br /> 1994 1,065,000 13,730 61.85
<br /> 1995 1,145,000 14,875 67.00
<br /> 1996 1,240,000 16,115 72.59
<br /> 1997 1,350,000 17,465 78.67
<br /> 1998 1,450,000 18,915 85.20
<br /> 1999 1,575,000 20,490 92.97
<br /> 2000 1 ,710,000 22,200 100.00
<br /> Total $22,200,000*
<br /> *Subject to change
<br /> Debt Authorization
<br /> As a home rule .unit of local government under the Constitution of the
<br /> State, the City may, subject to specified exceptions, generally exercise any
<br /> power or perform any function pertaining to its government and affairs,
<br /> including the powers to regulate to protect public health, safety, morals and
<br /> welfare, to license, to tax and to incur debt. The power of the State
<br /> legislature to limit certain actions of home rule units is constitutionally
<br /> circumscribed. A home rule unit does not have the power to incur debt payable
<br /> • from ad valorem property tax receipts if such debt would mature more than 40
<br /> years from the time it is incurred. The Constitution of the State limits the
<br /> power of the State legislature to restrict a home rule unit's power to levy ad
<br /> valorem taxes or to incur debt and requires legislation passed by three-fif ths
<br /> of both houses of the State legislature. There is no legal debt limit for home
<br /> rule units except as established by the State legislature. To date no debt
<br /> limit has been set bq the State legislature and, accordingly the City may
<br /> determine its own debt limit and taxes.
<br /> Pursuant to its home rule powers, in , 1983, the City Council will pass
<br /> an ordinance establishing procedures to be followed in incurring indebtedness
<br /> for corporate purposes, issuing non-referendum bonds to evidence such indebted-
<br /> ness, and authorizing and directing the levying of taxes without limit as to
<br /> rate or a mount for the purpose of paying principal of and interest on such bonds
<br /> as the same become due (the "Enabling Ordinance"). The Enabling Ordinance
<br /> requires the City Council to adopt a bond ardinance describing the public pur-
<br /> pose for any such debt and to find that such borrowing is necessary and in the
<br /> public interest. The Enabling Ordinance also provides that each bond ordinance
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