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PLACED ON 1ST READING & REFERRED TO THE
<br />FINANCE COMMITTEE 2/1/16.
<br />2nd REading 2/16/16. REFnNDrNG BONDS, SERIES 2016
<br />ORDINANCE NO. 6 -16 By. Anderson, Bullock, Littew >,
<br />Marx, Nowlin, O'Leary, O'Malley.
<br />AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $26,500,000 OF BONDS FOR THE
<br />PURPOSE OF CURRENTLY REFUNDING THE CITY'S ROCKPORT SQUARE IMPROVEMENT
<br />GENERAL OBLIGATION BONDS, SERIES 2004 (LIMITED TAX OBLIGATION) (TAXABLE),
<br />DATED AUGUST 11, 2004; VARIOUS PURPOSE GENERAL OBLIGATION BONDS, SERIES 2005,
<br />DATED MAY 26,2005; SEWER SYSTEM REVENUE BONDS, SERIES 2006, DATED AUGUST 30,
<br />2006 AND WATERSYSTEM REVENUE BONDS, SERIES 2006, DATED AUGUST 30, 2006;
<br />APPROVING RELATED MATTERS IN CONNECTION WITH THE ISSUANCE OF THE BONDS;
<br />AND DECLARING AN EMERGENCY
<br />WHEREAS, the Council of the City (the "Council ") issued Rockport Square Improvement General
<br />Obligation Bonds, Series 2004 (Taxable), dated August 11, 2004, in the original principal amount of
<br />$4,265,000 (the "Outstanding 2004 Bonds ") for the purpose stated in the (I) of title of this Ordinance; and
<br />WHEREAS, the Council issued Various Purpose General Obligation Bonds, Series 2005, dated
<br />May 26, 2005, in the original principal amount of $21,210,000 (the "Outstanding 2005 Bonds ") for the
<br />purpose stated in the (II) of title of this Ordinance; and
<br />WHEREAS, the Council issued Sewer System Revenue Bonds, Series 2006, dated August 30,
<br />2006, in the original principal amount of $14,320,000 (the "Outstanding 2006 Sewer Bonds ") for the
<br />purpose stated in the (III) of title of this Ordinance; and
<br />WHEREAS, the Council issued Water System Revenue Bonds, Series 2006, dated August 30,
<br />2006, in the original principal amount of $10,285,000 (the "Outstanding 2006 Water Bonds ", and together
<br />with the Outstanding 2004 Bonds, the Outstanding 2005 Bonds and the Outstanding 2006 Sewer Bonds, the
<br />"Outstanding Bonds ") for the purpose stated in the (IV) of title of this Ordinance; and
<br />WHEREAS, in view of currently prevailing lower interest rates, the Council has determined that it
<br />is advisable and in the best interest of the City to issue refunding bonds of the City to currently refund
<br />certain maturities of the Outstanding Bonds (the "Refimded Bonds "); and
<br />WHEREAS, because the Outstanding 2004 Bonds included as part of the Refimded Bonds (the
<br />"Taxable Refunding Portion ") were issued as taxable bonds of the City, the Taxable Refunding Portion (the
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