§61.1003 Resolution: Purpose of Debt: Amount: Property Taxable to Pay Debt
The resolution of intention shall also state:
(a) The purposes for which the proposed bonds are to be issued which may include any or all of the purposes stated in Division 9 hereof.
(b) The estimated cost of the accomplishment of such purposes and the amount of bonds to be issued therefor, which may include incidental expenses, including without limitation, engineering, appraisal, legal fees, land and rights–of–way acquisition, reserve funds and expenses of financing the district and expenses of all proceedings for the authorization, issuance and sale of the bonds.
(c) That the bonds shall not be general obligations of the City, nor shall the credit of the City or the property or revenue of any public utility owned by the City be pledged for the payment thereof; and that the bonds shall be special obligations of and be issued on behalf of the improvement district; and that taxes for the payment of the interest on the bonds and the principal thereof shall be levied exclusively upon the taxable land in the improvement district.
(d) The maximum interest rate which the bonds may bear, payable semiannually, except that interest for the first year may be payable at the end of that year or at such time prior to the end of that year as may be determined in the resolution providing for the issuance of the bonds.
(“Resolution: Purpose of Debt: Amount: Property Taxable to Pay Debt” added 1–20–1970 by O–10214 N.S.)