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• carry out the intent expressed in such budget. <br />4. The Director of Finance and the City Attorney are <br />further authorized to begin the preparation of one or more <br />ordinances necessary to authorize the issuance of general <br />obligation bonded indebtedness of up to $14 million dollars <br />as contemplated by the aforesaid budget, provided that up to <br />$4 million dollars of such indebtedness may be incurred in <br />the form of loans from the Literary Fund of the Commonwealth <br />of Virginia in the event the Director of Finance determines <br />that the school improvement projects included in the capital <br />improvements program will be eligible for such loans. The <br />Director of Finance is authorized to retain bond counsel and <br />such other assistance as is customarily required in <br />connection with the issuance of such bonded indebtedness. <br />The Director of Finance shall propose to the Council a <br />schedule for the issuance of such indebtedness consistent <br />with applicable federal tax regulations and as dictated by <br />market conditions, provided that no more than $5 million <br />dollars of the authorized total of bonded indebtedness shall <br />be issued in any one calendar year. <br />5. The funding of any project in the 5 -year capital <br />improvements program indicated as being funded in part by <br />contributions from other governmental entities shall be <br />• expressly conditioned upon the availability of such funding. <br />Approved by Council <br />November 3, 1986 <br />erc of Council <br />86-6-53 <br />• <br />