Resolutions-2012-51

Project, except to the extent necessary to provide easement territory and right-of-way necessary to carry out the Ireland Avenue Project. Description of Use of TIF: It is anticipated that the City will pay for the Ireland Avenue Project with either borrowed funds or the proceeds of an internal advance of City funds on-hand. In either case, the City’s obligation will be repaid with incremental property tax revenues. It is anticipated that the City’s use of Incremental Property tax revenues for the Ireland Avenue Project will not exceed $3,700,000. 2) Required Financial Information. The following information is provided in accordance with the requirements of Section 403.17 of the Code of Iowa: <table> <tr> <th>Constitutional debt limit of the City:</th> <td>$7,655,224</td> </tr> <tr> <th>Outstanding general obligation debt of the City:</th> <td>$6,575,000</td> </tr> <tr> <th>Proposed obligations to be incurred in connection with new projects:</th> <td>$__________</td> </tr> </table>