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126 <br />(b) the City has sold its $4,660,000 General Obligation Temporary <br />Improvement Bonds, Series 1989A pursuant to the Act to provide temporary <br />financing for the Improvements; <br />(c) it is necessary and expedient to the sound financial management <br />of the City that the City issue $3,640,000 General Obligation Improvement <br />Refunding Bonds, Series 1992A (Bonds) to pay the temporary improvement <br />bonds at their maturity on July 1, 1992; <br />(d) the composition of the issue is as follows: <br />Principal Due July 1, 1992 $4,660,000 <br />Interest Due July 1, 1992 142,130 <br />Registrar Expenses 2,000 <br />Total Debt Repayment $4,804,130 <br />Plus Additional Project Costs 250,070 <br />Total Costs Required $5,054,200 <br />Less Available Funds on Hand (1,488,503) <br />Net Financing Requirement $3,565,697 <br />Plus Issuance Costs 30,000 <br />Plus Discount 54,600 <br />Total Financing Requirements $3,650,297 <br />Less Investment Earnings (10,297) <br />Net Bond Issue $3,640,000 <br />2. To provide moneys to finance the improvements and pay the temporary <br />improvement bonds at their maturity, the City will issue and sell Bonds in the amount <br />of $3,585,400. To provide in part the additional interest required to market the <br />Bonds at this time, additional Bonds will be issued in the amount of $54,600. The <br />excess of the purchase price of the Bonds over the sum of $3,585,400 will be credited <br />to the debt service fund for the Bonds for the purpose of paying interest first <br />coming due on the additional Bonds. The Bonds will be issued, sold and delivered <br />in accordance with the terms of the following Terms of Proposal: <br />SNG29941 <br />LN140 -23 <br />