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. � <br /> . . �� ��P�.�� <br /> � will constitute an appropriation of the stated amount, and the proceeds of s�c�i� - <br /> Bonds shall be used solely for the purpose for which the bonds were authorized. <br /> All indebtedness contracted by the City pursuant to the Enabling Ordinance <br /> constitutes a general obligation of the City, as to which the City pledges its <br /> full faith and credit for the payment of the principal thereof and interest <br /> thereon. � <br /> In accordance with the provisions of the Enabling Ordinance, on , <br /> 1983, the City Council will adopt a transaction ordinance providing for the <br /> borrowing of money and authorizing the issuance of the Bonds for the purposes of <br /> advance refunding the outstanding Bond issue dated March 1, 1982 and providing <br /> for the Ievy of taxes for the payment of the principal of and interest on the <br /> Bonds (the "Bond Ordinance"). In the opinion of Bond Counsel, the Bond <br /> Ordinance complies with all the requirements of the Constitution and laws of the <br /> State and of the Enabling Ordinance. The Bond Ordinance states generally that <br /> it is deemed necessary and for the best interest of the City that the City <br /> borrow $13,300,OOOk for the purpose of advance refunding the Bond �issue dated <br /> March 1, 1982. The Bond Ordinance provides that to evfdence such debt, the <br /> . Bonds shall be issued and taxes shall be levied in each year while anq of said <br /> bonds are outstanding sufficient to provide the funds required for payment of <br /> the principal of and interest on the Bonds promptly when and as the paqments <br /> become due. In the Bond Ordinance, the City certifies that all acts, conditions <br /> and things required to be done precedent to and in the issuance of the Bonds <br /> have been properly done, happened and been performed fn regular and due form and <br /> time. <br /> The Bond Ordinance further provides that if proceeds of taxes are not <br /> available to so meet principal and interest payments on the Bonds, the fiscal <br /> officers of the City are directed to made payments from any currently available <br /> funds of the City. <br /> * Subject to change <br /> 14 <br />