Laserfiche WebLink
Section 2. That <br />said indebtedness is to be <br />is as follows: <br /> <br />the object and purpose for which <br />incurred and bonds issued therefor <br /> <br /> The acquisition and construction by the City <br />of Santa Ana of a certain municipal improvement, <br />to wit: a public library building with vehicle <br />parking therefor and the planting and landscaping <br />of the library grounds, including the acquisition of <br />furnishings, fixtures, equipment and other property <br />necessary therefor. <br /> <br /> Section 3. That the estimated cost of the municipal <br />improvement described in Section ~ hereof is the sum of $700,000, <br />and that the amount of the principal of the indebtedness to be <br />incurred therefor is the sum of $700,000. <br /> <br /> That the maximum rate of interest to be paid on <br />the indebtedness incurred for the purpose stated in this <br />ordinance shall not exceed the maximum rate permitted by law, <br />to wit, six per cent (6%) per annum, payable annually for the <br />first year and semiannually thereafter, the actual rate or <br />rates of interest on said bonds to be ~etermined at the time <br />of the sale thereof. <br /> <br /> That if the proposition for the incurring of bonded <br />indebtedness so submitted receives the requisite number of votes, <br />to wit, two-thirds of the votes of the qualified electors <br />voting on said proposition, bonds of said city in not exceeding <br />the principal amount stated in said proposition shall be issued <br />and sold for the object and purpose set forth in said proposition. <br /> <br /> <br />