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1.02 The purpose of the TIF Plan is to provide financing for the public development costs (Costs) of various public improvements (Project) to be constructed in the District. 1.03 The Costs of the various elements of the Project are presently estimated to be as follows: . One million gallon hydropillar watertower Water mains Property acquisition Engineering expense Legal and administrative expense Costs of issuance Bond discount Capitalized interest Total Costs Less: Investment earnings Net Bond Issue $537,245 113,800 10,000 50,000 15,000 25,000 16,600 102,355 $870,000 20,000 $850,000 Capitalized Interest covers the period from September 1, 1985 through February 1, 1987 (seventeen months at 8.5%). 1.04 It is necessary and desirable to the sound financial management of the City and its orderly economic development that the City issue and sell its General Obligation Tax Increment Bonds, Series 1985A (the Bonds) pursuant to the Act to provide financing for the Costs. . . Section 2. Sale of Bonds. 2.01 In order to provide financing for the Project, the City shall issue and sell the Bonds in the amount of $850,000. The Bonds shall be issued and sold in accordance with the terms of the Official Terms of Offering, a copy of which, marked Exhibit A, is attached hereto and made a part hereof. 2.02 The City Clerk is authorized and directed to advertise the Bonds for sale in accordance with such Official Terms of Offering and to cause an abbreviated notice of sale in the form of Exhibit B, attached hereto and made a part hereof, to be published in the manner required by law. The City Council shall meet on Monday August 12, 1985, at 7:30 p.m., for the purpose of considering sealed bids on the Bonds and taking any other appropriate action. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Williams and upon vote being taken thereon, the following vote in favor of the motion: All members . 2.