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. < ,. <br /> , , ',�;�;.a}-f��� <br /> � <br /> public purposes of the City and in evidence of such borrowing <br /> issuing without referendum approval the full faith and credit <br /> bonds of the City, such ordinance being entitled: <br /> AN ORDINANCE establishing procedures to <br /> be followed in incurring indebtedness for <br /> corporate purposes , issuing non-referendum <br /> bonds to evidence such indebtedness and <br /> authorizing and directing the levying of <br /> taxes, without limit as to rate or amount, <br /> for the purpose of paying principal and <br /> interest on such bonds as the same become <br /> due. <br /> and which said ordinance has not been amended and is in full force <br /> and effect ; and <br /> WHEREAS, the City has outstanding $10,750,000 General <br /> Obligation Surface Water Drainage System Bonds , Series of 1982, <br /> dated March 1 , 1982, numbered 1 to 2,150, inclusive, of the <br /> denomination of $5,000 each, becoming due serially on January 1 <br /> of the years and in the amounts and bearing interest at the <br /> rates as follows : <br /> Year Amount Rate of Interest <br /> 199z $ 615,000 11 . 25� <br /> 1992 685, 000 11 .50% I <br /> 1993 760,000 11 .75q ' <br /> 199�+ 850, 000 12 . 00% '� <br /> 1995 950,000 12 .25� � <br /> 1996 1 ,070, 000 12. 50� <br /> 1997 1 ,205 ,000 12.75� <br /> 199$ 1 , 355,000 13. 00q <br /> 1999 1 ,530 ,000 13.o0q '', <br /> 2000 1 ,730, 000 13. 00� <br /> (the "Outstanding Bonds") ; and <br /> WHEREAS, the Outstanding Bonds are presently outstanding <br /> and unpaid and are binding and subsisting legal obligations of <br /> the City; and <br /> -2- <br />