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• 4. The Director of Finance and the City Attorney are further <br />authorized to begin the preparation of one or more ordinances <br />necessary to authorize the issuance of general obligation bonded <br />indebtedness of up to $7 million dollars as contemplated by the <br />aforesaid budget, provided that up to $500,000 dollars of such <br />indebtedness may be incurred in the form of loans from the Literary <br />Fund of the Commonwealth of Virginia in the event the Director of <br />Finance determines that the school improvement projects included <br />in the capital improvements program are eligible for such loans. <br />The Director of Finance is authorized to retain bond counsel and <br />such other assistance as is customarily required in connection with <br />the issuance of such bonded indebtedness. The Director of Finance <br />shall propose to the Council a schedule for the issuance of such <br />indebtedness consistent with applicable federal tax regulations and <br />as dictated by market conditions. <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 expressly <br />conditioned upon the availability of such funding. <br />Approved by Council <br />July 3, 1989 <br />• C erk of Council <br />89-6-29 <br />• 2 <br />