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<br />,.. <br /> <br />,L <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Obligation Public Utility Refunding Bonds shall not exceed $18,275,000; and (iv) the aggregate <br />principal amount of the Taxable General Obligation Refunding Bonds shall not exceed <br />$22,470,000; (v) and the final maturity of the Bonds shall not be later than approximately 30 <br />years from their date. The Bonds shall be offered for sale in such manner as the City Manager <br />and the Chief Financial Officer, or either of them, may determine to be in the best interests ofthe <br />City. The City Manager and the Chief Financial Officer, or either of them, is authorized and <br />directed to accept a bid or bids for the purchase of the Bonds which results in the lowest true <br />interest cost to the City and the Bonds shall bear interest, payable semi-annually, at such rate or <br />rates and shall be sold at such price or prices as may be set forth in the bides) accepted by such <br />officer or officers; provided that (i) the true interest cost of the General Obligation Bonds, the <br />General Obligation Refunding Bonds and the General Obligation Public Utility Refunding <br />Bonds shall not exceed 6% per annum, (ii) the true interest cost of the Taxable General <br />Obligation Refunding Bonds shall not exceed 8% per annum and (iii) the purchase price shall not <br />be less than 97% of the par amount of the Bonds, not taking into account any original issue <br />discount or any bond insurance premium. If the City Manager and the Chief Financial Officer, <br />or either of them, determines that it is in the best interests of the City to sell the Bonds in a <br />negotiated sale, then the City Manager or Chief Financial Officer are hereby authorized to enter a <br />bond purchase agreement or bond purchase agreements with an underwriter or group of <br />underwriters with demonstrated experience in underwriting municipal securities to be selected by <br /> <br /> <br />the City Manager and the Chief Financial Officer. The City Manager and the Chief Financial <br /> <br /> <br />Officer, or either of them, is authorized and directed to approve such optional or mandatory <br /> <br /> <br />redemption provisions for the Bonds as such officer or officers may determine to be in the best <br /> <br /> <br />interest of the City. <br /> <br />