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Project Designation & Description: <br />Total Project Cost <br />1989 Improvement Projects Nos: <br />8976, 9196, 9013, 9185, 9401, 9191 <br />Construction $4,120,767 <br />Capitalized Interest 496,020 <br />Subtotal $4,616,787 <br />Discount 46,600 <br />Reinvestment Earnings (3,387) <br />TOTAL $ 4,660,000 <br />(b) it is necessary and expedient to the sound financial <br />management of the affairs of the City to issue <br />$4,660,000 General Obligation Temporary Improvement <br />Bonds, Series 1989A (Bonds) pursuant to the Act to <br />provide temporary financing for the Improvements. <br />2. To provide temporary financing for the Improvements, the <br />City will therefore issue and sell Bonds in the amount of $4,613,400. <br />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 <br />$46,600. The excess of the purchase price of the Bonds over the sum <br />of $4,613,400 will be credited to the debt service fund for the Bonds <br />for the purpose of paying interest first coming due on the additional <br />..- Bonds. The Bonds will be issued, sold and delivered in accordance <br />with the terms of the following Official Terms of Offering: <br />