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approximate amount of $25,600) does not exceed the sum of the <br />Project Costs, together with a sum sufficient to pay the estimated <br />cost of all expenses reasonably incurred in connection with such <br />Project Costs, including all reasonable and necessary <br />architectural, engineering, legal, financing, accounting, <br />advertising, bond discount and supervisory expenses, capitalized <br />interest and a debt service reserve for the Bonds to the extent <br />that the Commission determines that a reserve is reasonably <br />required, together with the expenses in connection with or on <br />account of the issuance of bonds therefor, which estimated cost <br />shall not exceed Three Million Dollars ($3,000,000.00), plus <br />investment earnings thereon in the approximate amount of $25,600, <br />all of which will be provided from the proceeds of the bond issue, <br />plus investment earnings thereon. <br />3. The Bonds shall not constitute a corporate <br />obligation or indebtedness of the City, but shall constitute an <br />obligation of the Redevelopment District. The Bonds, together with <br />interest thereon, shall be payable solely out of the Tax Increment. <br />4. The Bonds shall mature and be payable no later than <br />February 1, 2013. The Bonds shall bear interest at a rate or rates <br />not exceeding eight percent (8 %) per annum (the exact rate or rates <br />to be determined by bidding or negotiation) . The Bonds may be <br />subject to redemption prior to maturity in whole or in part in <br />accordance with the terms set out in the Final Bond Resolution of <br />the Commission. <br />5 <br />