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<br />Bonds as the same become due and payable. The City Council shall levy an annual ad valorem <br /> <br />tax upon all property in the City subject to local taxation sufficient to pay the principal of, <br /> <br />prernium, if any, and interest on the Bonds as the same shall become due for payment unless <br /> <br />other funds are lawfully available and appropriated for the timely payment thereof. <br /> <br />3. Designation of City Representative. For the purposes set forth in this Ordinance, <br /> <br />the term "City Representative" shall mean the City Manager and the Chief Financial Officer, <br /> <br />either of whom may act. <br /> <br />4. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms <br /> <br />established pursuant to this Ordinance and upon such other terms as may be determined in the <br /> <br />manner set forth in this Ordinance. The Bonds shall be issued in fully registered form, shall be <br /> <br /> <br />dated such date as the City Representative may approve, and shall be in denominations of $5,000 <br /> <br /> <br />and integral multiples thereof. The Bonds shall be numbered from R-1 (or such other <br /> <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 />other authorized general obligation bonds or notes of the City, and shall mature or be subject to <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 />not exceed $50,000,000 and (ii) the final maturity of the Bonds shall not be later than <br /> <br />December 31, 2043. The Bonds shall be offered for sale in such manner as the City <br /> <br /> <br />Representative may determine to be in the best interest of the City, provided that (i) the Bonds <br /> <br /> <br />shall have a "true" or "Canadian" interest cost not to exceed five and one-half percent (5.5%) per <br /> <br /> <br />annum (taking into account any original issue discount or premium) and (ii) the purchase price of <br /> <br /> <br />any series of the Bonds shall not be less than ninety-eight percent (98%) of the par amount of <br /> <br />-2- <br />