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<br />3. Details and Sale of Bonds and Notes. The Bonds and the Notes shall be issued <br /> <br />and suld UPOIl the terms established pursuant to this Ordinance and upon such other terms as may <br /> <br />be determined in the manner set forth in this Ordinance. The Bonds and the Notes shall be <br /> <br />issu"d in fully registered form. shall bc dated such date as the Chief Financial Ot1icer may <br /> <br />app.'ove. shall be in dcnuminations of $5,000 and integral multiples thereof. The Bonds shall be <br /> <br />lHl1nbered from R-] (or such other designation as the Chief Financial Ot1icer may approve) <br /> <br />upwards consecutively and the Notes shall be numbered from N-l (or such other designation as <br /> <br />the Chief Financial Officer may approve) upwards consecutively. The Bonds and the Notes shall <br /> <br />be issued in one or more series in such aggregate principal amounts, and may be combined with <br /> <br />ll(h"r authurized general ubligation bonds or notes of the City, and shall mature or be subject to <br /> <br />mandatory sinking fund redemption on such dates and in such amounts as the Chief Financial <br /> <br />Officer may approve. provided that (i) the aggregate principal amount of the General Obligation <br /> <br />Bunds shall nut exceed $29,500,000: (ii) the aggregate principal amount of the General <br /> <br />Obi igation Refunding Bonds shall not exceed $38,000.000; (iii) the aggregate principal amount <br /> <br />of the Taxable General Obligation Refunding Bonds shall not exceed $9,000,000; (iv) the <br /> <br />aggregate principal amount of the General Obligation Notes shall not exceed $7,000,000; (v) the <br /> <br />final maturity of the Bonds shall not be later than approximately 30 years from their date; and <br /> <br />(v i) the final maturity of the General Obligation Notes shall not be latcr than approximately 5 <br /> <br />years ham their date. Thc Bonds and the Notes shall be otTered for sale in such manner as the <br /> <br />City Manager and the Chief Financial Officer. or either of them, may determine to be in the best <br /> <br />interests uf the City. The City Manager and the Chief Financial Officer, or either of them. are <br /> <br />authorized and directed to accept a bid or bids for the purchase of the Bonds and the Notes which <br /> <br />results in the luwest true intcrcst cost to the City and the Bonds and the Notes shall bear interest, <br /> <br />-4- <br />