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<br />4. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms <br />established by this Ordinance and upon such other terms as may be determined in the manner set <br />forth in this Ordinance. The Bonds shall be issued in fully registered form, shall be dated such <br />date as the City Representative may approve, and shall be in denominations of $5,000 and <br />integral multiples thereof. The Bonds shall be numbered from R-l (or such other designation as <br />the City Representative may approve) upwards consecutively. The Bonds shall be issued in one <br />or more series in such aggregate principal amounts, and may be combined with other authorized <br />general obligation bonds or notes of the City, and shall mature or be subject to mandatory <br />sinking fund redemption on such dates and in such amounts as the City Representative may <br />approve, provided that (i) the aggregate principal amount of the Bonds shall not exceed <br />$30,000,000 and (ii) the final maturity of the Bonds shall not be later than approximately 30 <br />years from their date of issue. The Bonds shall be offered for sale in such manner as the City <br />Representative may determine to be in the best interests of the City; provided that (i) the true <br />interest cost of the Bonds shall not exceed [seven percent (7%)] per annum and (ii) the purchase <br />price of any series of the Bonds shall not be less than [ninety-seven (97%)] of the par amount of <br />such series of the Bonds, not taking into account any original issue discount or any bond <br />. . <br />Insurance premIUm. <br />If the City Representative determines that it is in the best interests of the City to sell the <br />Bonds in a competitive sale, then the City Representative is authorized and directed to accept a <br />bid or bids for the purchase of the Bonds which results in the lowest true interest cost to the City, <br />and the Bonds shall bear interest, payable semi-annually, at such rate or rates and shall be sold at <br />such price or prices as may be set forth in the bides) accepted by such officer or officers. <br />-3- <br />