Specifications include, but are not limited to: 2. Financing of Project 2.1. The Project will be financed with proceeds from a Hospitality Revenue Bond in principal amount not to exceed $425,000 with a term of 8 years with equal annual payments. Payments will be made either on quarterly or annual basis. Construction will begin in calendar year 2020. Proceeds of the bond will be deposited in a Construction Account held by the City and designated solely for the above mentioned project. 3. Award of Bond 3.1. The City will make a preliminary award of the bond by March 10, 2020, subject to confirmation by the Members of the City Council. Second reading and final approval of the Series Ordinance will occur in March 2020. Closing will occur by March 31, 2020.