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<br />Representative may approve, provided that (i) the aggregate principal amount of the Bonds shall <br /> <br /> <br />not exceed $45,000,000.00 and (ii) the final maturity of the Bonds shall not be later than <br /> <br /> <br />approximately eighteen (18) years from their date of issue. The Bonds shall be offered for sale in <br /> <br /> <br />such manner as the City Representative may determine to be in the best interests of the City, <br /> <br /> <br />provided that (i) the true interest cost of the tax exempt Bonds shall not exceed six and one-half <br /> <br />percent (6.5%) per annum and (ii) the true interest cost of the taxable Bonds shall not exceed <br /> <br />eight percent (8%) per annum and (iii) the purchase price of any series of the Bonds shall not be <br /> <br />less than ninety-seven percent (97%) of the par amount of such series of the Bonds, not taking <br /> <br />into account any original issue discount or any bond insurance premium. <br /> <br />-3- <br />