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1.02. It is hereby found and determined that it is necessary and <br />desirable for the reduction of interest cost and the adjustment of <br />maturities of bonds that the City issue its general obligation refunding <br />bonds to refund in advance of their maturities certain outstanding general <br />obligations of the City. <br /> <br />Section 2. Refunded and Refundin~ Bonds. <br /> <br /> 2.01. The outstanding bonds to be refunded (Refunded Bonds) consist <br />of $815,000 General Obligation Improvement Bonds of 1981, dated October 1, <br />1981, of which the principal amount of $700,000 is outstanding. <br /> <br /> 2.02. To provide moneys to refund in advance of maturity the Refunded <br />Bonds, the City shall issue and sell its $694,000 General Obligation <br />Refunding Improvement Bonds, Series 1985 (Refunding Bonds). Additional <br />Refunding Bonds representing additional interest in the amount of $11,000 <br />shall also be issued and sold as authorized by Section 475.56 of the Act. <br />Any amount in excess of $694,000 received as the purchase price of the <br />Refunding Bonds shall be deposited in the debt service fund for the <br />Refunding Bonds. The $705,000 Refunding Bonds shall be issued, sold and <br />delivered in accordance with the terms and conditions of the following <br />Official Notice of Sale: <br /> <br /> <br />