City of Rolla, Missouri
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Rolla, MO 65401

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Chapter 13 - Finance

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Chapter Contents:

Article I - In General




Article II - City of Rolla Administrative Fund




Article III - Budget




Article IV - Wastewater System Revenue Bonds (State Revolving Fund Program) Series 1996




Article V - General Obligation Recreation Center Bonds Series 1999




Article VI - Wastewater System Revenue Bonds (State Revolving Fund Program) Series 2000




Article VII - Taxable Industrial Development Revenue Bonds (Brewer Science, Inc. Project) Series 2002




Article VIII* - General Obligation Recreation Center Refunding Bonds Series 2004




Article IX** - General Obligation Bonds Series 2004B




Article X*** - Sewerage System Revenue Bonds (State Revolving Fund Program) Series 2006




ARTICLE XI - General Obligation Recreation Center Refunding Bonds Series 2012




Article I - In General

Sec. 13-1. Financial statement to be published semiannually.

The city council shall, semiannually, in January and July of each year, publish a full and detailed statement of the receipts and expenditures and indebtedness of the city for the half year ending on December thirty-first and June thirtieth preceding the date of such report, which statement shall be published in some newspaper published in the city. (Ord. 1019, §9.)

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Sec. 13-2. Depository for city funds - Designation.

The treasurer of the city is authorized and directed to open accounts and deposit funds of the city in such depositories as may be designated by the city council. (Ord. 921, §1.)

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Sec. 13-3. Same - Conditions relating to city funds on deposit.

City funds shall be deposited in designated depositories under such terms and conditions as may be specified by state law, this Code or other ordinance. (Ord. 921, §3.)

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Sec. 13-4. Purchasing manual.

(a) That Section 13 of the Rolla City Code is hereby amended by including the "Purchasing Manual" of the City of Rolla, Missouri, originally adopted by Resolution No. 1170, dated February 4, 1991.

(b) That the City of Rolla "Purchasing Manual" shall be adopted and amended to read as follows: "The City reserves the right to consider the distance of the bidding firm from the City of Rolla, the bidding firm's utilization of local resources or labor in fulfilling the bid and/or the City's past experience in receipt of services or material from the bidding firm in determining what constitutes the lowest and best bid." (Ord. 3198, §§ 1 & 2)

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Sec. 13-5. Audit Committee; selection of members, term of office.

The Audit Committee is hereby established consisting of five members. The members of the committee shall include three members from the City Council, representing the widest range of the city possible, having been appointed by the Mayor subject to the consent and ratification of the City Council. The term shall be annual and members shall be eligible to succeed themselves. The City Administrator and Finance Director shall also be members of the committee. (Ord. 3625, §1; Ord. 3767, §1)

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Sec. 13-6. Duties generally.

There shall be an Audit Committee, which shall serve as an advisory committee to the Mayor and City Council. The committee may participate in the selection of the auditing firms, participate in the review of the City's investment program and make recommendations on major financial matters to the City Council as needed. The committee shall also participate in the pre-audit as well as the post-audit. The committee shall foster communication between auditors, staff, council members and the mayor to provide a better understanding of the city's financial affairs. (Ord. 3625, §1)

Secs. 13-7 to 13-8. Reserved.

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Article II - City of Rolla Administrative Fund

Sec. 13-9. Created.

There is created a fund to be known as the "City of Rolla Administrative Fund." (Ord. 1171, §2.)

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Sec. 13-10. Mayor to control.

The money paid into the City of Rolla Administrative Fund shall be under the sole control and jurisdiction of the mayor. (Ord. 1171, §2.)

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Sec. 13-11. Deposits to be made by treasurer.

When authorized by the city council, and upon proper warrant, it shall be the duty of the city treasurer to withdraw from unbudgeted funds of the city such sum authorized, and deposit the same to the account of the "City of Rolla Administrative Fund" in such depository as the mayor may direct. (Ord. 1171, §3.)

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Sec. 13-12. Use - Generally.

It shall be the duty of the mayor to use the money in the City of Rolla Administrative Fund for such purpose as, in his discretion, will best serve the city and the inhabitants thereof in the performance of his administrative duties. The mayor is authorized to use such funds for the reimbursement of any out-of-pocket expense incurred by him or any other official or regular employee of the city in the performance of his duties, but neither the mayor nor any such other official or employees shall receive any pay for their services from this fund; however, the mayor may employ, at his discretion, other persons to perform services which he may deem necessary in the furtherance of any function of any municipal board or commission which will further the interest of the city. (Ord. 1171, §4.)

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Sec. 13-13. Monthly financial reporting.

The Director of Finance or his/her staff will prepare monthly financial reports detailing expenditures, revenues and bank balances which will be available within one month following the close of the fiscal month. These prepared statements will be available to the public, City Council and City Administration upon completion and request. A summary of revenues and expenditures will be presented at each City Council meeting. (Ord. 1171, §4; Ord. 3399, §1)

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Sec. 13-14. Bond.

The mayor shall provide a corporate fiduciary bond conditioned upon his faithful administration of the money paid into the City of Rolla Administrative Fund, which bond shall be in the sum of three thousand dollars. The premium for this bond shall be paid out of the administrative fund. (Ord. 1171, §5.)

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Secs. 13-15 to 13-19. Reserved.

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Article III - Budget

Sec. 13-20. Contents generally.

The city shall prepare an annual budget for each fiscal year. The annual budget shall present a complete financial plan for the ensuing budget year and shall include at least the following information:

(a) A budget message describing the important features of the budget and major changes from the preceding year.

(b) Estimated revenues to be received from all sources for the budget year, with a comparative statement of actual or estimated revenues for the two years next preceding, itemized by year, fund and source.

(c) Proposed expenditures for each department, office and other classification for the budget year, together with a comparative statement of actual or estimated expenditures for the two years next preceding, itemized by year, fund, activity and object.

(d) The amount required for the payment of interest, amortization and redemption charges on the debt of the city.

(e) A general budget summary. (Ord. 1168, §1.)

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Sec. 13-21. Revenues and expenditures to balance/reserve requirement.

(a) In no event shall the total proposed expenditures from any fund exceed the estimated revenues plus any unencumbered balance or less any deficit estimated for the beginning of the budget year.

(b) In order to maintain an effective reserve balance for proper cash management procedures and adequate emergency reserves, it is the policy of the City Council to maintain a 25% General Fund reserve balance. The reserve shall be computed as 25% of the operating expenses (less grants, pass-through expenses, and debt service lease payments) of the General Fund. For emergency purposes, the City Council can reduce the reserve balance with a two-thirds vote of the City Council. (Ord. 1168, §1; Ord. 3923, §1)

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Sec. 13-22. Budget officer - Appointment.

The budget officer shall be appointed by the mayor with the consent and approval of a majority of the elected members of the city council. (Ord. 1168, §2.)

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Sec. 13-23. Same - Duties generally; preparation of budget.

The budget officer shall review all the expenditure requests and revenue estimates, after which he shall prepare the proposed budget as defined in this Article. All officers and employees of the city shall cooperate with and provide to the budget officer such information and such records as he shall require in developing the budget. (Ord. 1168, §2.)

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Sec. 13-24. Submittal to city council; drafts of orders, motions, etc., to accompany same.

After the budget officer has prepared the proposed budget, he shall submit it, along with such supporting schedules, exhibits and other explanatory material as may be necessary for the proper understanding of the financial needs and position of the city, to the city council. He shall submit at the same time complete drafts of such orders, motions, resolutions or ordinances as may be required to authorize the proposed expenditures and produce the revenues necessary to balance the proposed budget. (Ord. 1168, §2.)

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Sec. 13-25. Action by city council; limitations on same.

The city council may revise, alter, increase or decrease the items contained in the proposed budget, subject to such limitations as may be provided by law; provided, that in no event shall the total authorized expenditures from any fund exceed the estimated revenues to be received plus any unencumbered balance or less any deficit estimated for the beginning of the budget year. (Ord. 1168, §3.)

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Sec. 13-26. Approval, etc., by city council; increase in expenditures after approval, etc.

Except as otherwise provided by law, the city council shall, before the beginning of the fiscal year, approve the budget and approve or adopt such orders, motions, resolutions or ordinances as may be required to authorize the budgeted expenditures and produce the revenues estimated in the budget. Thereafter the city council shall not increase the total amount authorized for expenditure from any fund, unless city council adopts a resolution setting forth the facts and reasons making the increase necessary and approves or adopts an order, motion, resolution or ordinance to authorize the expenditures. (Ord. 1168, §4.)

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Sec. 13-27. Transfer of unencumbered funds.

(a) During the budget year City Council may authorize the transfer of any unencumbered balance or portion thereof from the expenditure authorization of one department, office, classification or fund to another, subject to such limitations as may be provided by law.

(b) The City Council shall prescribe annually, through the adoption of the budget, the inter-fund transfers needed to reflect the full cost of all operations. Overhead or indirect costs provided by general administration, finance, engineering and legal shall be assigned to the respective enterprise and governmental funds as prescribed by Council. Said costs will be assigned to all funds as a percent of total expenditures. A detailed explanation justifying the transfers shall be provided to City Council as requested. (Ord. 1168, §5; Ord. 3923, §2)

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Sec. 13-28. Keeping records of orders, resolutions, etc., as to increases in budget.

The budget or the orders, motions, resolutions or ordinances as may be required to authorize the expenditures proposed in the budget as finally approved and any orders, motions, resolutions or ordinances to increase the total amount authorized for expenditures adopted shall remain on file with the city clerk for three years and shall be public records and open to inspection. To each copy so filed the budget officer shall attest to the fact that preparation and adoption procedures were conducted in the manner prescribed in this Article. (Ord. 1168, §6.)

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Sec. 13-29. When budget for preceding year deemed in force.

If, at the beginning of any fiscal year the city council has not approved or adopted and filed the budget and the expenditure orders, motions, resolutions or ordinances required by this Article for the current fiscal year and except as otherwise provided by law, the several amounts authorized in the expenditure orders, motions, resolutions or ordinances for the next preceding fiscal year for the objects and purposes specified in such expenditure orders, motions, resolutions or ordinances, so far as the amount shall relate to operation and maintenance expenses, shall be deemed to be reappropriated for the several objects and purposes specified in such expenditure orders, motions, resolutions or ordinances, until such time as the budget and the expenditure orders, motions, resolutions or ordinances for the current fiscal year are approved or adopted and filed as required in this Article. (Ord. 1168, §7.)

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Sec. 13-30. Budgetary authorization prerequisites to making expenditures.

The expenditure orders, motions, resolutions or ordinances approved or adopted and filed as provided in this Article, and the transfers made as provided in this Article, shall constitute the authorization for the expenditure of money for the budget year. No expenditure of public moneys shall be made unless it is authorized as provided in this Article. (Ord. 1168, §8.)

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Sec. 13-31. Park and Recreation Depreciation Reserve Account.

During the existence of the half-cent sales tax known as the City of Rolla Parks and Recreation Sales Tax, there shall be established a Depreciation Reserve and Equipment Replacement Account from the proceeds of City of Rolla Parks and Recreation Sales Tax as follows:

(a) Annually, the City Council shall direct the Finance Director to deposit a minimum of Three Hundred Thousand Dollars ($300,000.00) in an interest-bearing account or note, for the purpose of maintaining a Health and Recreation Center and Outdoor Aquatic Facility Reserve Account, provided there are sufficient proceeds from the sales tax beyond the debt service schedule.

(b) The principal and interest of this account shall not be drawn upon nor spent without City Council authorization as to the purpose and need of the expenditure. Such funds are intended to be used for the capital replacement of major fixtures, furniture and equipment, the upgrade or expansion of the facilities, and the repair of major building components (i.e.: roof, HVAC) to ensure the long term viability of the Health and Recreation Center as well as the Outdoor Aquatic Facility.

(c) Deposits invested in this account shall only continue during the duration of the City of Rolla's half?cent Parks and Recreation sales tax; through December 31, 2013; however, the cumulative deposits will remain in the Reserve Account indefinitely (or until exhausted for the stated purpose).

(d) Any remaining sales tax proceeds, beyond the prescribed debt service schedule and the depreciation reserve and equipment replacement account deposit prescribed herein, will remain in the recreation center and pool fund until released by formal Council action or a future vote of the citizens of Rolla. (Ord. 3365, §1)

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Sec. 13-32. Parkland Reserve Fund.

All monies received from Fee-In-Lieu of Land Dedication (See Section 42-27 (6)) and the sale of any park property shall be deposited in a separate fund called the Park Land Reserve Fund. Other funds may be deposited into this account as deemed appropriate by the City Council.

(a) The principal balance in this fund shall not be drawn upon or spent without a super majority vote (two-thirds) of the full Council. Such funds are intended to be used for the purchase of new parkland or park development.

(b) The interest accrued in this fund shall be deposited in said fund. Accumulated interest can be used for a variety of park improvements subject to Council approval through the annual budget or subsequent Council action. (Ord. 3621, §1; Ord. 3655, §2; Ord. 3702, §2)

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Sec. 13-33 to 13-35. Reserved.

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Article IV - Wastewater System Revenue Bonds (State Revolving Fund Program) Series 1996

Sec. 13-36. Authorization of Bonds.

The Bonds are authorized and directed to be issued in the Original Principal Amount for the purposes in this Ordinance. (Ord. 3166, Art. II, §201)

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Secs. 13-37 to 13-40. Reserved.

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Article V - General Obligation Recreation Center Bonds Series 1999

Sec. 13-41. Authorization of Bonds.

There shall be issued and hereby are authorized and directed to be issued the General Obligation Recreation Center Bonds, Series 1999, of the City in the principal amount of $11,700,000 (the "Bonds"), for the purpose of constructing, furnishing and equipping a recreation and fitness center to include an indoor walking track, indoor swimming pool/aquatic center, outdoor aquatic facility and indoor recreation facilities. (Ord. 3327, Art. II, §201)

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Secs. 13-42 to 13-45. Reserved.

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Article VI - Wastewater System Revenue Bonds (State Revolving Fund Program) Series 2000

Sec. 13-46. Authorization of Bonds.

The Bonds are authorized and directed to be issued in the Original Principal Amount for the purposes of this Ordinance. (Ord. 3360, §201)

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Secs. 13-47 to 13-51. Reserved.

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Article VII - Taxable Industrial Development Revenue Bonds (Brewer Science, Inc. Project) Series 2002

Sec. 13-52. Authorization of Bonds.

The City is hereby authorized to issue and sell its Taxable Industrial Development Revenue Bonds (Brewer Science, Inc. Project), Series 2002, in the principal amount of $14,300,000, for the purpose of providing funds for the purposes described above. The Bonds shall be issued and secured pursuant to the herein authorized Indenture and shall bear such date, shall mature at such time, shall be in such denominations, shall bear interest at such rates, shall be in such form, shall be subject to redemption, shall have such other terms and provisions, shall be issued, executed and delivered in such manner and shall be subject to such provisions, covenants and agreements as are specified in the hereinafter referred to Indenture upon the execution thereof, and the signatures of the officers of the City executing such Indenture shall constitute conclusive evidence of their approval and the City's approval thereof. The Bonds and the interest thereon shall be limited obligations of the City payable solely out of the payments, revenues and receipts derived by the City from the Lease Agreement described below, and such payments, revenues and receipts shall be pledged and assigned to the Trustee as security for the payment of the Bonds as provided in the Indenture. (Ord. 3518, §1)

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Sec. 13-53. Authorization of documents.

The City is hereby authorized to enter into the following documents (the "City Documents"), in substantially the forms presented to the City Council of the City at this meeting (copies of which documents shall be filed in the official records of the City), with such changes therein as shall be approved by the officers of the City executing such documents, such officers' signatures thereon being conclusive evidence of their approval thereof.

(a) Trust Indenture (the "Indenture") between the City and UMB Bank, n.a., as trustee (the "Trustee"), pursuant to which the Bonds shall be issued and the City shall pledge and assign the payments, revenues and receipts received pursuant to the Lease Agreement to the Trustee for the benefit and security of the owners of the Bonds upon the terms and conditions as set forth in said form of Indenture.

(b) Lease Agreement (the "Lease Agreement) between the City and the Company, under which the City will provide for the acquisition, construction, improvement and equipping of the Project and lease the Project to the Company pursuant to the terms and conditions in said Lease Agreement, in consideration of rental payments by the Company which will be sufficient to pay the principal of, premium, if any, and interest on the Bonds.

(c) Underwriting Agreement (the "Underwriting Agreement") among the City, the Company and Bank of America Securities LLC, as underwriter (the "Underwriter"), pursuant to which the Underwriter agrees to purchase the Bonds from the City upon certain conditions.

(d) Performance Agreement (the "Performance Agreement") by and among the City, the Company and the Sublessee, pursuant to which the City has granted the Company and the Sublessee certain rights with respect to the abatement of ad valorem real estate and personal property taxes on the Project. (Ord. 3518, 2)

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Sec. 13-54. Approval of documents.

The City hereby approves the following documents, in substantially the forms presented to the City (copies of which documents shall be filed in the official records of the City) with such changes therein as shall be necessary to provide for the execution of such documents by the parties thereto:

(a) Official Statement (the "Official Statement") in connection with the sale of the Bonds.

(b) Form of the Letter of Credit (the "Letter of Credit") to be issued by Bank of America, N.A. (the "Bank") in favor of the Trustee.

(c) Form of Remarketing Agreement (the "Remarketing Agreement") between the Company and the Underwriter, as remarketing agent (the "Remarketing Agent").

The Official Statement, in substantially the form submitted to the City with such changes and additions thereto as are necessary to conform to and describe the transaction and the distribution of the same by the Underwriter is hereby approved for use in connection with the Bonds. The City has not participated in the preparation of the Official Statement and has not verified the accuracy of the information therein, other than information respecting the City. Accordingly, such approval does not constitute approval by the City of such information or a representation by the City as to the completeness or accuracy of the information contained therein. For the purpose of enabling the Official Statement to comply with the requirements of Rule 15c2-12(b)(1) of the Securities and Exchange Commission, the City hereby deems the information regarding the City contained in the Official Statement to be "final" as of its date, except for the omission of such information as is permitted by Rule 15c2-12(b)(1), and the appropriate officials of the City are hereby authorized, if requested, to provide the Underwriter a letter or certification to such effect and to take such other actions or execute such other documents as such officials in their reasonable judgment deem necessary to enable the Underwriter to comply with the requirements of such Rule. (Ord. 3518, §3)

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Sec. 13-55. Execution of documents.

The Mayor of the City is hereby authorized and directed to execute the Bonds and to deliver the Bonds to the Trustee for authentication for and on behalf of and as the act and deed of the City in the manner provided in the Indenture. The Mayor of the City is hereby authorized and directed to execute and deliver the City Documents for and on behalf of and as the act and deed of the City. The City Clerk of the City is hereby authorized and directed to attest to the Bonds and such City Documents and other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance. (Ord. 3518, §4)

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Sec. 13-56. Further authority.

The City shall, and the officers, agents and employees of the City are hereby authorized and directed to take such further action, and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance and to carry our, comply with and perform the duties of the City with respect to the Bonds and the City Documents. (Ord. 3518, §5)

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Secs. 13-57 to 13-61. Reserved.

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Article VIII* - General Obligation Recreation Center Refunding Bonds Series 2004

Sec. 13-62. Authorization of Bonds.

There shall be issued and hereby are authorized and directed to be issued the General Obligation Recreation Center Refunding Bonds, Series 2004, of the City in the principal amount of $4,880,000 (the "Bonds").  (Ord. 3613, Art. II, §201)

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Secs. 13-63 to 13-67. Reserved.

* For complete Ordinance, refer to Ord. No. 3613

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Article IX** - General Obligation Bonds Series 2004B

Sec. 13-68. Authorization of Bonds

There shall be issued and hereby are authorized and directed to be issued the General Obligation Bonds, Series 2004B, of the City in the principal amount of $7,000,000 (the "Bonds"), which are being issued for the purpose of paying (a) the costs of the Project and (b) the costs of issuance of the Bonds.  (Ord. 3624, §201)

Secs. 13-69 to 13-73. Reserved.

** For complete ordinance, refer to Ord. No. 3624

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Article X*** - Sewerage System Revenue Bonds (State Revolving Fund Program) Series 2006

Sec. 13-74. Authorization of Bonds

The Bonds are authorized and directed to be issued in the Original Principal Amount for the purposes of this Ordinance.  (Ord. 3769, §201)

Secs. 13-75 to 13-80. Reserved.

** For complete ordinance, refer to Ord. No. 3624

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ARTICLE XI* - GENERAL OBLIGATION BONDS SERIES 2012

Sec. 13-81.  Authorization of Bonds.

There shall be issued and hereby are authorized and directed to be issued the City’s General Obligation Bonds, Series 2012, in the original principal amount of $3,445,000 (the "Bonds"), which are being issued for the purpose of providing finds to advance refund the Refunded Bonds and pay the costs of issuance of the Bonds. (Ord. 4048, §201)

Secs. 13-82 to 13-87.  Reserved.


NOTE:
*     For complete Ordinance, refer to Ord. No. 3613
**   For complete Ordinance, refer to Ord. No. 3624.
*** For complete Ordinance, refer to Ord. No. 3769.




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