SPECIAL ORDINANCE
BY COUNCIL PRESIDENT COLLINS-BELLAMY, MAJORITY LEADER RUBBO, MAJORITY WHIP ROBINSON, MINORITY LEADER BREEN, COUNCILMEMBERS, PINEDA -ISAAC, DIAZ AND MERANTE:
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BOND ORDINANCE OF THE CITY OF YONKERS, NEW YORK AUTHORIZING THE PREPARATION OF DESIGN PLANS AND SPECIFICATIONS FOR CAPITAL PROJECTS TO BE UNDERTAKEN PURSUANT TO THE YONKERS CITY SCHOOL DISTRICT JOINT SCHOOLS CONSTRUCTION AND MODERNIZATION ACT; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $3,000,000; APPROPRIATING SAID AMOUNT THEREFOR AND AUTHORIZING THE ISSUANCE OF BONDS OF SAID CITY IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $3,000,000 TO FINANCE SAID APPROPRIATION.
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THE CITY COUNCIL OF THE CITY OF YONKERS, IN THE COUNTY OF WESTCHESTER, NEW YORK, HEREBY ORDAINS (by the favorable vote of not less than two-thirds of all the members of said City Council) AS FOLLOWS:
Section 1. The City of Yonkers, in the County of Westchester, New York (herein called the "City"), is hereby authorized to finance the cost of the preparation of design plans and specifications for capital projects to be undertaken pursuant to the Yonkers City School District Joint Schools Construction and Modernization Act, constituting Chapter 355 of the Laws of 2016 of the State of New York, as amended. The estimated maximum cost of the project, including preliminary costs and costs incidental thereto and the financing thereof, is $3,000,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of not to exceed $3,000,000 principal amount of bond anticipation notes of the City to finance said appropriation, the issuance of bonds of the City and/or the City of Yonkers Industrial Development Agency to redeem said bond anticipation notes, and the levy and collection of taxes on all the taxable real property in the City to pay the local share of the principal of and interest on said bonds and notes as the same shall become due and payable.
Section 2. (...
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