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<br />approval of the City Council as to documentation or otherwise, may execute, deliver and issue <br /> <br />short-term notes ofthe City (the "Notes") as provided in Section 15.2-2628 of the Virginia Code <br /> <br /> <br />at public or private sale in anticipation of the issuance of any or all series of the Bonds; provided <br /> <br /> <br />that the aggregate principal amount of the Notes shall not exceed $30,000,000, the term to <br /> <br /> <br />maturity thereof shall not exceed five years, and the Notes shall have a "true" or "Canadian" <br /> <br />interest cost not to exceed five and one-half percent (5.5%) per annum (taking into account any <br /> <br />original issue discount or premium and taking into account the direct credit payments from the <br /> <br />United States if any Notes are issued as Build America Bonds (Direct Payment)). The Notes <br /> <br />shall be subject to such other terms and conditions contained in this Ordinance to the extent not <br /> <br /> <br />inconsistent with this paragraph 17. The Notes shall be secured in the same manner as the <br /> <br /> <br />corresponding Bonds as provided in paragraph 2 of this Ordinance and may be retired from the <br /> <br /> <br />proceeds of the corresponding Bonds or any other lawfully available funds. <br /> <br />18. Further Actions. The City Representative and such other officers and agents of <br /> <br /> <br />the City as he or she may designate are authorized and directed to take further action as they <br /> <br /> <br />deem necessary or appropriate regarding the issuance, credit enhancement and sale of the Bonds, <br /> <br />including, without limitation, the preparation, execution, and delivery of any agreement relative <br /> <br />to the tax-exempt or Build America Bond (Direct Payment) status of the Bonds and the use of <br /> <br />the proceeds thereof and other instruments, agreements and documents related to the issuance <br /> <br />and sale of any series of the Bonds, the purchase of municipal bond insurance or other credit <br /> <br />enhancement for any series of the Bonds if market or other conditions so warrant, forward <br /> <br />purchase or supply arrangements relating to the investment of the proceeds of any series of the <br /> <br /> <br />Bonds, and the application for CUSIP identification numbers. All actions taken by officers and <br /> <br /> <br />agents of the City in connection with the issuance and sale of the Bonds are hereby ratified and <br /> <br />-9- <br />