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3. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms established pursuant m this Resolution and upon such other terms as may be determined in the manner set forth in this Resolution. The Bonds shall be issued in fully registered form, shall be dated such date as the Chief Financial Officer may approve, shall be in denominations of $5,000 and integral multiples thereof and shall be numbered from R-1 upwards consecutively. The Bonds shall be issued in one or more series in such aggregate principal amount, and may be combined with other authorized general obligation bonds of the City, including refunding bonds, and shall mature on such dares and in such amounts as the Chief` Financial Officer may approve, provided that the aggregate principal amount of the Bonds shall not exceed the amount set forth in paragraph I and the final maturity of'the Bonds shall not be later than December 1, 2027. The City Manager and the Chief Financial Officer, or either of them, is authorized and directed to execute and deliver one or more Bond Purchase Agreements providing for the sale of the Bonds to Morgan Stanley & Co., Incorporated, as Senior Managing Underwriter, (the "Underwriter") upon such terms as such officer deems most advantageous. The Bonds shall bear interest, payable semi-annually, at such rate or rates and shall be sold to the Underwriter at such price or prices as may be set forth in the Bond Purchase Agreement(s) approved by such officer or officers; provided that the tree interest cost of the Bonds shall not exceed 7.5% per annum and the purchase price shall be not less than 97% of the par amount of the Bonds, not taking into account any original issue discount or any bond insurance premium. The City Manager and the Chief Financial Officer, or either of them, is authorized and directed to approve such optional or mandatory redemption provisions for the Bonds as such officer or officers may determine to be in the best interest of, the City.