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<br />average interest rate that the general obligation school bonds of the City will bear upon sale to the <br />VPSA and the interest rate that the Literary Fund Obligation would have borne plus (ii) an <br />allowance for the costs of issuing such bonds of the City (the "Issuance Expense Allowance"); <br /> <br />WHEREAS, the City Council (the "Council") of the City has determined that it is <br />necessary and expedient to borrow not to exceed $2,500,000 and to issue its general obligation <br />school bonds for the purpose of fInancing certain capital projects for school purposes; and <br /> <br /> <br />3. ~. The Bonds shall be dated the date of issuance and delivery of the <br />Bonds; shall be designated "General Obligation School Bonds, Series 2007"; shall bear interest <br />