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<br />eight percent (98%) 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 interest cost to the City, <br /> <br /> <br />and the Bonds shall bear interest, payable semi-annually, at such rate or rates and shall be sold at <br /> <br /> <br />such price or prices as may be set forth in the bides) 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 />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 />The City Representative is authorized and directed to approve such optional or mandatory <br /> <br />redemption provisions for the Bonds as such officer or officers may determine to be in the best <br /> <br />interest of the City. <br /> <br />Notwithstanding anything to the contrary herein, by 5:00 p.m. on the date prior to the sale <br /> <br />date of the Bonds identified in the official notice of sale for the Bonds, if either no underwriter or <br /> <br /> <br />only one underwriter has advised of its intention to bid on any series of the Bonds, the City <br /> <br /> <br />Representative, after consultation with the City's financial advisor and the City's bond counsel, is <br /> <br /> <br />authorized to remove such series of Bonds from the bidding process and to pursue a negotiated <br /> <br />sale for such series of Bonds. <br /> <br />-3- <br />