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the Resolution of Formation including, but not limited to, the costs of issuing and selling bonds <br /> to finance the Facilities and the costs of the City in establishing and administering the CFD. <br /> 3. Entire CFD Liable. The whole of the CFD shall pay for the bonded indebtedness <br /> through the levy of the special tax. The tax is to be apportioned in accordance with the formula <br /> set forth in Exhibit "B" to the Resolution of Formation. <br /> 4. Bonds. Bonds in the maximum amount of $6,000,000 are hereby authorize <br /> subject to voter approval. The bonds may be issued in such series and mature and bear interest <br /> at such rate or rates, payable semiannually or in such other manner, all as this Council or its <br /> designee shall determine, at the time or times of sale of such bonds; provided, however, that the <br /> interest rate or rates shall not exceed the maximum interest rate permitted by applicable law at <br /> the time of sale of the bonds and the bonds or any series thereof shall have a maximum term of <br /> not to exceed forty years. <br /> 5. Election. The proposition of incurring the bonded indebtedness herein <br /> authorized shall be submitted to the qualified electors of the CFD and shall be consolidated <br /> with elections on the proposition of levying special taxes within the CFD and the establishment <br /> of an appropriations limit for the CFD pursuant to Section 53353.5 of the Act. The time, place <br /> and further particulars and conditions of such election shall be as specified by separate <br /> resolution of this Council. <br /> 6. Effective Date. This Resolution shall take effect upon its adoption. <br /> I, the undersigned City Clerk of the City of San Leandro, hereby certify that the foregoing <br /> is a full, true and correct copy of a resolution adopted by the City Council of the City at a <br /> meeting thereof on thel7th day of Jul y , 2000, by the following vote of the <br /> members thereof: <br /> AYES: Council Members Gal van, Glaze, Grant, Loeffler, Lothrop, <br /> Nardine; Mayor Young ( 7 ) <br /> NOES: None ( 0 ) <br /> ABSTAIN: None ( 0 ) <br /> ABSENT: None ( 0 ) <br /> / A./Ss <br /> Gayle Peter/ -n, City Clerk <br /> -2- <br />