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S <br /> public interest of the City and the public welfare of it� citizens <br /> and its iahabitaat� that $6,400,000 be borrawed at this ti,�e for <br /> the p�rpose of p�aying the cost of constructing inprovements and ex- <br /> tensions to the exiating system of �urface �eater dra3as ia and fos <br /> said City, such i�provenents and extensiona� being Aecessarq to dis- <br /> pose of excess surface arater and to prevent flooding �nd the hazards <br /> to the public h�ealth whfcti �►y result froaa excessive raiafall and <br /> flooding conditioas, and the con�truction of such i�provements and <br /> extens:ions bei.�g deemed necessary to serve the public welfare and <br /> needs of the inhabitants within the Cit and in evideace thereof <br /> Y� <br /> bonds of said City in the principal amour�t of $6,400,000 be issued <br /> without the subaission of the question of their issuance to the <br /> electors of the Ci.ty for their approval. That said bonds shall be <br /> datad July l, 19?5, sha 11 be designated "Surface Water Drainage <br /> System Bonds, Series of 1975", shall be numbered ccn�ecutively from <br /> 1 to 1280, inclusive, shall be of the dsscmination of $5,000.00 each, <br />. r <br /> ` shall bear interest annually at the rate of not to excee d seven per- <br />