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• • <br />3. Phase One Funding <br />A. General Obligation Bonds <br />Use of Proceeds: <br />The proceeds from the sale of $5,000,000 bonds will be <br />used as follows: <br />Amount Purpose <br />$ 550,000 Constructing or purchasing a <br />Fire Station, additions and <br />improvements <br />450,000 The Design of and purchase of a <br />site for a Fire Department <br />Training Facility <br />2,000,000 Purchasing and improving land <br />for park purposes <br />1,000,000 Drainage improvements <br />1,000,000 Street improvements and <br />drainage in connection <br />therewith <br />$5,000,000 <br />After the issuance and sale of these $5,000,000 bonds, <br />there will remain $10,650,000 General Obligation Bonds <br />authorized but unissued. <br />B. Revenue Bonds <br />Use of Proceeds: <br />The proceeds from the sale of these $6,000,000 bonds <br />will be used for sewer system improvements. After the <br />issuance and sale of the bonds, there will remain <br />$3,350,000 Revenue Bonds authorized but unissued. <br />19 <br />