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of said city therefor, in the amount hereinafter set forth, <br />and for the object and purpose set forth in said resolution <br />and hereinafter stated. <br /> <br /> Section 2. That the object and purpose for which <br />said indebtedness is to be incurred and bonds issued therefor <br />is as follows: <br /> <br /> The acquisition and construction by the <br />City of Santa Ana of a certain municipal <br />improvement, to wit:. a public library build- <br />ing with vehicle parking therefor and the <br />planting and landscaping of the library grounds, <br />including the acquisition of furnishings, <br />fixtures, equipment and other property <br />necessary therefor. <br /> <br /> Section 3. That the estimated cost of the m~nici- <br />pal improvement described in Section 2 hereof is the sum of <br />$700,000, and that the amount of the principal of the <br />indebtedness to be incurred therefor is the sum of $700,000. <br /> <br /> Section 4. That the maximum rate of interest to <br />be paid on the indebtedness incurred for the purpose stated <br />in this ordinance shall not exceed the maximum rate permitted <br />by law, to wit, six per cent (6%) per annum, payable annually <br />for the first year and semiannually thereafter, the actual <br />rate or rates of interest on said bonds to be determined at <br />or prior to the time of the sale thereof. <br /> <br />Section 5. That if the proposition for the <br />'incurring of bonded indebtedness so submitted receives the <br /> <br /> requisite number of votes, to wit, two-thirds of the votes <br /> <br /> <br />