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Nine Hundred Thousand Dollars ($4,900,000) all of which will be <br />provided from the proceeds of the bond issue. <br />The Bonds shall not constitute a corporate obligation or <br />indebtedness of the City but shall constitute an obligation and an <br />indebtedness of the Redevelopment District as a special taxing <br />district. The Bonds, together with interest thereon, shall be <br />payable only out of the Special Tax. The Bonds shall mature and be <br />payable in various amounts serially, not to exceed twenty -one (21) <br />annual series beginning 1992. The Bonds shall bear interest at a <br />rate or rates not exceeding twelve percent (12 %) per annum, the exact <br />rate or rates to be determined by bidding. <br />2. The Secretary of the Commission is hereby directed, as <br />required by law, to cause to be posted and published notice of the <br />filing of the petition requesting the issuance of the Bonds and <br />notice of the determination of the Commission to issue the Bonds. <br />3. The Secretary of the Commission shall certify a copy of this <br />Resolution to the Clerk of the City. <br />4. This Resolution shall be in full force and effect after its <br />adoption by the Commission. <br />CUM <br />