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<br />4. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms <br /> <br /> <br />established pursuant to this Ordinance and upon such other terms as may be determined in the <br /> <br /> <br />manner set forth in this Ordinance. The Bonds shall be issued in fully registered form, shall be <br /> <br />dated such date as the City Representative may approve, and shall be in denominations of $5,000 <br /> <br />and integral multiples thereof. The Bonds shall be numbered from R-1 (or such other <br /> <br />designation as the City Representative may approve) upwards consecutively. The Bonds shall be <br /> <br />issued in one or more series in such aggregate principal amounts, and may be combined with <br /> <br /> <br />other authorized general obligation bonds or notes of the City, including without limitation the <br /> <br /> <br />Courthouse Obligations and the Public Utility Obligations, and shall mature or be subject to <br /> <br /> <br />mandatory sinking fund redemption on such dates and in such amounts as the City <br /> <br /> <br />Representative may approve, provided that (i) the aggregate principal amount of the Bonds shall <br /> <br /> <br />not exceed $58,000,000 and (ii) the final maturity of the Bonds shall not be later than December <br /> <br /> <br />31, 2035. 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 Bonds shall have a "true" or <br /> <br /> <br />"Canadian" interest cost not to exceed five and one-half percent (5.5%) per annum (taking into <br /> <br /> <br />account any original issue discount or premium and taking into account the direct credit <br /> <br />payments from the United States if any Bonds are issued as Build America Bonds (Direct <br /> <br />Payment)) and (ii) the purchase price of any series of the Bonds shall not be less than ninety- <br /> <br />eight percent (98%) of the par amount of such series of the Bonds, not taking into account any <br /> <br />original issue discount or any bond insurance premium. <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 />-3- <br />