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BILL NO. 8786 ORDINANCE NO. lP65t, AN ORDINANCE AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND DELIVERY OF $2,000,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES 2005, OF THE CITY OF UNIVERSITY CITY, MISSOURI; PRESCRIBING THE FORM AND DETAILS OF SAID BONDS; PROVIDING FOR THE LEVY AND COLLECTION OF AN ANNUAL TAX FOR THE PURPOSE OF PAYING THE PRINCIPAL OF AND INTEREST ON SAID BONDS AS THEY BECOME DUE; AND AUTHORIZING CERTAIN OTHER DOCUMENTS AND ACTIONS IN CONNECTION THEREWITH. WHEREAS, the City of University City, Missouri (the "City"), is a home rule city and political subdivision of the State of Missouri, duly created, organized and existing under and by virtue of the Constitution and laws of the State of Missouri; and WHEREAS, the City is authorized under the proVISIOns of Article VI, Section 26 of the Constitution of Missouri, as amended, and Section 95.115 et seq., of the Revised Statutes of Missouri, as amended (the "General Obligation Bond Law"), to incur indebtedness and issue and sell general obligation bonds of the City to evidence such indebtedness for lawful purposes, upon obtaining the approval of at least four-sevenths of the qualified electors of the City voting on the question to incur indebtedness at a general election; and WHEREAS, pursuant to the General Obligation Bond Law, an election was duly held in the City at the general election on November 2, 2004 (the "Election"), on the following proposition: PROPOSITION C Shall the City of University City, Missouri issue and sell general obligation bonds in the amount of $2,000,000 for the purpose of renovating and improving its City Hall, including the annex, parking lots, walkways, and lawns? WHEREAS, the votes cast at the Election were duly canvassed as provided by law, and it was found and declared that more than four-sevenths of the qualified voters of the City voting at said election on said proposition voted in favor of the issuance of said bonds, the vote on said proposition having been 11,759 votes for the issuance of said bonds and 6,684 votes against the issuance of said bonds; and WHEREAS, the City has not issued any of the bonds authorized at the Election and desires to issue all of the bonds so authorized at the Election: and WHEREAS, it is hereby found and detemlined that it is necessary and advisable and in the best interest of the City and of its inhabitants at this time to authorize the issuance and delivery of said bonds pursuant to the General Obligation Bond Law for the purposes aforesaid as herein provided.