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<br />other authorized obligations of the City, and shall mature or be subject to mandatory sinking <br /> <br /> <br />fund redemption on such dates and in such amounts as the City Representative may approve, <br /> <br /> <br />provided that (i) the aggregate principal amount of the New Money Bonds shall not exceed <br /> <br /> <br />$30,000,000, (ii) the final maturity of the New Money Bonds shall not be later than December <br /> <br /> <br />31, 2036, and (iii) the final maturity of the Refunding Bonds shall not be later than December 31, <br /> <br /> <br />2036. The Bonds shall be offered for sale in such manner as the City Representative may <br /> <br /> <br />determine to be in the best interest of the City, provided that (i) the New Money Bonds shall <br /> <br /> <br />have a "true" or "Canadian" interest cost not to exceed five percent (5%) per annum, (ii) the sale <br /> <br /> <br />of the Refunding Bonds shall result in an aggregate net present value debt service savings of not <br /> <br /> <br />less than two and one-half percent (2.5%) of the par amount of the Prior Obligations to be <br /> <br /> <br />refunded, and (iii) the purchase price of any series of the Bonds shall not be less than ninety- <br /> <br /> <br />seven percent (97%) of the par amount of such series of the Bonds, not taking into account any <br /> <br /> <br />original issue discount or any bond insurance premium. <br /> <br /> <br />If the City Representative determines that it is in the best interest of the City to sell the <br /> <br /> <br />Bonds in a competitive sale, then the City Representative is authorized and directed to accept a <br /> <br /> <br />bid or bids for the purchase of the Bonds which results in the lowest "true" or "Canadian" interest <br /> <br /> <br />cost to the City, and the Bonds shall bear interest at such rate or rates and shall be sold at such <br /> <br /> <br />price or prices as may be set forth in the bid( s) accepted by such officer or officers. <br /> <br /> <br />If the City Representative determines that it is in the best interest of the City to sell the <br /> <br /> <br />Bonds in a negotiated sale, then the City Representative is hereby authorized to enter into a bond <br /> <br /> <br />purchase agreement or bond purchase agreements with an underwriter or group of underwriters <br /> <br />with demonstrated experience in underwriting municipal securities to be selected by the City <br /> <br />Representative. <br /> <br />-3- <br />