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<br />- 5 - <br /> SOURCES AND USES OF FUNDS <br /> <br /> <br />The composition of the Bonds is estimated to be as follows: <br /> <br /> Sources of Funds: <br /> Principal Amount $1,815,000 <br /> <br /> Total Sources of Funds $1,815,000 <br /> <br /> Uses of Funds: <br /> Deposit to Project Fund $1,750,000 <br /> Costs of Issuance 39,956 <br /> Underwriter’s Compensation 14,520 <br /> Deposit to Capitalized Interest (CIF) Fund 10,524 <br /> <br /> Total Uses of Funds $1,815,000 <br /> <br /> <br /> SECURITY AND FINANCING <br /> <br /> <br />The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and <br />power to levy direct general ad valorem taxes. The City will make its first levy for the Bonds in 2021 for <br />collection in 2022. Capitalized interest has been included in the par amount of the Bonds to make the <br />February 1, 2022 interest payment due on the Bonds. Thereafter, each year’s collection of taxes, if collected <br />in full, will be sufficient to pay 105% of the interest payment due August 1 of the collection year and the <br />principal and interest payment due February 1 of the following year. <br /> <br /> <br /> FUTURE FINANCING <br /> <br /> <br />The City does not anticipate issuing any additional long-term general obligation debt within the next <br />90 days. <br /> <br /> <br /> LITIGATION <br /> <br /> <br />The City is not aware of any threatened or pending litigation affecting the validity of the Bonds or the City's <br />ability to meet its financial obligations. <br />