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Prior Bonds in the discretion of the Chief Financial Officer as set forth in paragraph 11 hereof <br />and to pay the costs of issuing the Bonds. <br /> <br /> 2. Pledge of Full Faith and Credit. The full faith and credit of the City are hereby <br /> <br />irrevocably pledged for the payment of the principal of, premium, if any, and interest on the <br />Bonds as the same become due and payable. The City Council shall levy an annual ad valorem <br />tax upon all property in the City, subject to local taxation, sufficient to pay the principal of, <br />premium, if any, and interest on the Bonds as the same shall become due for payment unless <br />other funds are lawfully available and appropriated for the timely payment thereof. <br /> <br /> 3. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms <br /> <br />established pursuant to this Resolution and upon such other terms as may be determined in the <br />manner set forth in this Resolution. The Bonds shall be issued in fully registered form, shall be <br />dated such date as the Chief Financial Officer may approve, shall be in denominations of $5,D00 <br />and integral multiples thereof and shall be numbered from R-1 upwards consecutively. The <br />Bonds shall be issued in one or more series in such aggregate principal mount, and may be <br />combined with other authorized general obligation bonds of the City, and shall mature or be <br />subject to mandatory sinking fund redemption on such dates and in such mounts as the Chief <br />Financial Officer may approve, provided that the aggregate principal amount of the Bonds shall <br />not exceed the amount set forth in paragraph 1 and the f'mal maturity of the Bonds shall not be <br />later than approximately 20 years from their date. The City Manager and the Chief Financial <br />Officer, or either of them, is authorized and directed to accept a bid for the purchase of the Bonds <br />which results in the lowest true interest cost to the City and the Bonds shall bear interest, payable <br />semi-annually, at such rate or rates and shall be sold at such price or prices as may be set forth in <br /> <br />-2- <br /> <br /> <br />