Ord60 961 - Laserfiche WebLink

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The estimated cost of the municipal improvement set forth in said Measure (G) (City Hall Improvements) is the sum of $1��, 000, and the amcunt of the indebtedness proposed to be incurred for said municipal improvement is the sum of $14�,000. The estimated cost of the municipal improvement set " forth in said Measure (H) (Park and Recreation Facilities ) is the swn of �595,000, and the �mount of the indebtedness pro- posed to be incurred for �aid municipal improvement is the sum of �595,000. The estimated cost of the municipal improvement set forth in said Mea�ur� (I) (Municipal Auditorium} is the surn of $1,600, 000 and the amount of the indebtedne�s proposed to be incurred for said municipal improvement is the sum of $1, 300.000. It is contemplated by the Council that tYie difference between �aid estimated cost of said improvement and the amount of Uaid indebtedness proposed to be incurred therefor will be contributed to the City by the Peninsula Celebration Association which will � also contribute to the City the site for said auditoriurn com- prising approximately eleven acres of land, but the Council re- serves the ri�ht in its discretion to provide otherwise for the payment of said difference or, if any of such moneys over and above the amount to be realized from the proceeds of the sale of said bonds are not available, to reduce the cost of said munici- pal improvement to the actual amount to be realized from the proceeds of the sale of said bonds, together with funds actually available for said improvement, and said eatimated cost herein set forth sha11 not be deemed to constitute a limitation or con- dition upon the issuance of any of said bonds; provided, however, tha.t said indebtedness in the sum of $1,300,000 shall be in- curred only after the following condition shall have been complied 9