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Up for a vote is whether the city can issue up to $50 million in bonds to provide financing for schools.
Shall the City of Lakeland, Tennessee (the City), issue general obligation school bonds in an aggregate principal amount of not to exceed $50,000,000 for the purpose of financing the (i) acquisition of land and site development for and the design, construction, renovation, repair, improvement and equipping of schools in and for the City; (ii) acquisition of all property real and personal, appurtenant thereto, or connected with such public works project and construction arabia of related infrastructure, (iii) payment of legal, fiscal, administrative, architectural and engineering costs incident arabia thereto; (iv) reimbursement to the City for funds previously expended for any of the foregoing; (v) payment of capitalized interest during the period of construction ; and (vi) payment of costs incident to the issuance and sale of such bonds, bearing interest arabia at a rate or rates not exceeding the maximum rate permitted by applicable law and payable from unlimited ad valorem taxes to be levied on all taxable property within the corporate limits arabia of the City?
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