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The City Manager is hereby authorized to sell the Bonds to Craigie Incorporated, Goldman, Sachs & Co. and Scott & Stringfellow, Inc. (the "Underwriters") upon such terms and conditions as he shall determine at the time of sale thereof; provided, however, that the aggregate princi- pal amount of the Bonds shall not exceed $31,905,000; the 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 rate greater than seven and one-half per cen~um (7 1/2%) per annum. The Bonds shall mature on May 1 or November 1, or on both May 1 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 prices 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 ~he contrary notwith- standing, no Bonds shall be issued and sold to provide for the refunding in advance of their s~ated maturities the 1982 Refunded Publix Improvemen5 Bonds or the 1985 Refunded Public 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 ~on~s issued to accomplish a Type A Refunding meeting the criteria of Part II.A. of the Guidelines. If any Bond (or any portion of the principal amount thereof in installments of $5,000) shall be called for redemption, notice of the redemption thereof, specifying the date, number and maturity of such Bond, the date and place or places fixed for its redemption, the premium, if any, payable upon such redemption, and if less than the entire principal amount of such Bond is to be redeemed, that such Bond must be surrendered in exchange for the principal amount thereof to be redeemed and a new Bond or Bonds issued equalling in principal amount that portion of the principal amount thereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date fixed for redemption by first class mail, postage prepaid, to the registered holder of such Bond at his address as it appears on the