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<br />payabk semi-annually. at such rate or rates and shall be sold at such price or prices as may be set <br /> <br />forth in the bides) accepted by such officer or officers; provided that (i) the true interest cost of <br /> <br />thc Series 2006A Bonds shall not exceed 7% per annum, (ii) the true interest cost of the Series <br /> <br />20068 Bonds shall not exceed 8% per annum, (iii) the true interest costs of the Series 2006C <br /> <br />Notes shall not exceed 6% per annum, (iv) the purchase price of any series of the Bonds shall not <br /> <br />be less than 97% of the par amount of such series of the Bonds, not taking into account any <br /> <br />original issue discount or any bond insurance premium, and (v) the purchase price of the Notes <br /> <br />shall not be less than 97% of the par amount of the Notes. If the City Manager and the Chief <br /> <br />Financial Omcer, or either of them, determines that it is in the best interest of the City to issue <br /> <br />the General Obligation Refunding Bonds on a taxable basis such General Obligation Refunding <br /> <br />130nds shall not be issued as a part of the Series 2006A Bonds but shall be issued as a part of the <br /> <br />Series 2006B [londs and all of the provisions of this Ordinance governing the Series 2006B <br /> <br />Bonds shall govern the General Obligation Refunding Bonds; provided that the aggregate <br /> <br />principal amount of the General Obligation Refunding Bonds shall not exceed $38,000,000 and <br /> <br />the truc interest cost of the General Obligation Refunding Bonds shall not exceed 8% per annum. <br /> <br />If the City Manager and the Chief Financial Officer, or either of them. determines that it is in the <br /> <br />bcst interests of the City to sell the Bonds and the Notes in a negotiated sale, then the City <br /> <br />Manager or Chief Financial Omcer are hereby authorized to enter a bond purchase agreement or <br /> <br />bond purchase agreements with an underwriter or group of underwriters with demonstrated <br /> <br />experience in underwriting municipal securities to be selected by the City Manager and the Chief <br /> <br />hnaneial Ol1icer. The City Manager and the Chief Financial OtIicer. or either of them, are <br /> <br />authorized and directed to approve such optional or mandatory redemption provisions for the <br /> <br />-5- <br />