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"Bonds"), consisting of Six Million Eight Hundred and Five Thousand Dollars ($6,805,000) principal amount of Port Improvement Refunding Bonds, Series 1987 (hereinbefore defined as the "Series 1987 Bonds") and Three Hundred and Twenty Thousand Dollars ($320,000) principal amount of Port Improvement Refunding Bonds, 1987 Taxable Series (herein- before defined as the "1987 Taxable Series Bonds"). The Bonds of each such series shall be dated as of May ~ 1987; shall be numbered from R-1 consecutively upward in order of issuance; shall be issued in the denomination of $5,000 each or any integral multiple thereof; shall bear~nterest payable on November 1, 1987 and semiannually on each May 1 and November 1 thereafter; and shall be issued in fully registered form. The City Manager is hereby authorized to sell the Bonds to Craigle Incorporated, Goldman, Sachs & Co. and Scott & Strin§fellow, Inc. (the "Underwriters") upon such terms and conditions as he shall determine at the time of sale thereof; provided, however, that the aggre§a~e principal amount of the Bonds shall not exceed $7,125,000; the Series 1987 Bonds shall mature not later than November 1, 2005 and the 1987 Taxable Series Bonds shall mature not later than forty years from their date; the Bonds shall be sold to the Underwriters for a price equal to not less than 98.8% of the principal amount thereof, plus the interest accrued on the Bonds from their date to the date of the delivery thereof and payment therefor; if the Bonds are to be subject to.redemption at the option of the City, the redemption price payable upon the redemption of any such Bond shall not exceed 102 1/2% of the prIncipal amount thereof, together with the interest accrued thereon to the date fixed for the redemption thereof; and no Bond may bear interest at a raue greater than seven and one-half per centum (7 1/2%) per annum. The Bonds sha~l mature on May 1 or November 1, or on both May I and November 1, of such years and in such principal amounts as shall be determined by the City Manager and shall be subject to optional and mandatory redemption by the City on such dates and at such przces as shall be determined by the City Manager at the time of the sale thereof. In connection with the sale of the Bonds, the City Manager is authorized to execute on behalf of the City and to deliver to the Underwriters a Bond Purchase Agreement setting forth the terms and conditions upon which the Bonds shall be sold to the Underwriters. Anything herein to the contrary notwithstanding, no Bonds shall be issued and sold to provide for the refunding in advance of their stated maturities the 1975 Refunded Port Improvement Bonds unless, as required by Section 1(c) of the aforementioned resolution adopted by the State Council on March 27, 1987, at the time of the sale thereof such Bonds qualify as refunding bonds issued to accomplish a Type A Refunding meeting the criteria of Part II.A. of the Guidelines.