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each such series, less an aggregate discount (including <br />underwriting discount and original issue discount) of <br />greater than 2% of the principal amount of the Bonds of each <br />such series plus accrued interest from the date of the Bonds of <br />each such series to the date of delivery thereof to, and <br />payment therefor by, the Underwriters or by Craigie <br />Incorporated in the case of the Series 1997 Bonds. The Bonds <br />of each series shall be issued in a principal amount not to <br />exceed the amount specified in Section 2, shall bear interest <br />from their date at such rates per annum as shall be approved in <br />a written determination made by the City Manager or Deputy City <br />Manager for Finance and shall have such other details as shall <br />be specified and approved by the City Manager or the Deputy <br />City Manager for Finance; provided that (i) in no event shall <br />the true or Canadian interest cost with respect to the Bonds of <br />any series exceed 7 1/2%; (ii) in no event shall the redemption <br />premium payable upon the redemption of the Bonds of any series <br />exceed 3% of the principal amount thereof; and (iii) in no <br />event shall the princ!pal amount of any series of refunding <br />bonds exceed the amount necessary to amortize the principal of <br />and premium, if any, and interest on the bonds or other <br />obligation to be refunded and to pay all expenses reasonably <br />incurred in the issuance of such series of refunding bonds, <br />including any premium for municipal bond insurance or the cost <br />of any alternative credit enhance for such sermes of refunding <br />bonds. <br /> <br /> (b) The City Manager or the Deputy City Manager for <br />Finance of the City is hereby authorized and directed to <br />execute and deliver to the Underwriters in the case of the <br />Series 1997A Bonds and Series 1997B Bonds and to Craigie <br />Incorporated in the case of the Series 1997C Bonds one or more <br />Purchase Contracts by and between the City and the Underwriters <br />or Craigie Incorporated, as the case may be, relating to the <br />Bonds in such forms as shall be approved by the City Manager or <br />the Deputy City Manager upon the advice of counsel (including <br />the City Attorney or Bond Counsel), such approval to be <br />conclusively evidenced by the execution of such Purchase <br />Contracts by the City Manager or the Deputy City Manager for <br />Finance. <br /> <br /> SECTION 10. Approval of Form and Authorization to <br />Execute and Deliver Official Statement. The City Manager and <br />the Deputy City Manager for Finance are hereby authorized and <br />directed to execute and deliver to the Underwriters an Official <br />Statement of the City relating to the Bonds, dated the date of <br />the sale thereof, in substantially the form of the Preliminary <br />Official Statement relating to the Bonds, after such Official <br /> <br /> <br />