Resolutions-2014-076 (2)

Description of Properties to be Acquired in Connection with Turn Lane Project: The City will acquire such easement territory and right-of-way as are necessary to successfully undertake the Turn Lane Project. Description of Use of TIF for the Turn Lane Project: It is anticipated that the City will pay for the Turn Lane 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 Turn Lane Project will not exceed $400,000. 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>$7,960,813</td> </tr> <tr> <th>Outstanding general obligation debt of the City:</th> <td>$___________</td> </tr> <tr> <th>Proposed debt to be incurred under this June, 2014 Amendment*:</th> <td>$ 920,000</td> </tr> </table> *It is anticipated that some or all of the debt incurred hereunder will be subject to annual appropriation by the City Council.