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<br />;J,. 1 - '.H~MlJ .;m <br /> <br />sale of the Bonds. The notice(s) of sale, preliminary official statement, official statement or <br /> <br />other documents shall be published in such publications and distributed in such manner, <br /> <br /> <br />including electronically, and at such times as the City Representative shall determine. <br /> <br />14. Continuing Disclosure. The City Representative is authorized and directed to <br /> <br />enter into a Continuing Disclosure Agreement for the benefit of the owners of the Bonds to assist <br /> <br />the underwriter(s) for the Bonds in complying with the provisions of Section (b )(5) of Securities <br />and Exchange Commission Rule 15c2-12. <br /> <br />15. Designation for Bank Oualification. The City Council authorizes the City <br /> <br />Representative to designate all or a portion of the Bonds as "qualified tax-exempt obligations" <br /> <br /> <br />eligible for the exception from the disallowance of the deduction of interest by financial <br /> <br /> <br />institutions allocable to the cost of carrying tax-exempt obligations in accordance with the <br /> <br /> <br />provisions of Section 265(b)(3) of the Code. The City will not designate more than $10,000,000 <br /> <br />of qualified tax-exempt obligations in calendar year 2012. <br /> <br />16. Authorization of Bond Anticipation Notes. If market or other conditions are such <br /> <br /> <br />that the City Representative determines that it is not advisable to enter into a long-term financing <br /> <br /> <br />for all or any portion of the costs of the Projects, the City Representative, without further <br /> <br /> <br />approval of the City Council as to documentation or otherwise, may execute, deliver and issue <br /> <br /> <br />short-term notes of the City (the "Notes") as provided in Section 15.2-2628 of the Virginia Code <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 $50,000,000, the term to <br /> <br /> <br />maturity thereof shall not exceed five years, and the Notes shall have a "true" or "Canadian" <br /> <br /> <br />interest cost not to exceed five and one-half percent (5.5%) per annum (taking into account any <br /> <br />-8- <br />