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<br />t. <br /> <br />3. Designation of City Representative. For the purposes set forth in this Ordinance, <br /> <br /> <br />the term "City Representative" shall mean the City Manager and the Chief Financial Officer, <br /> <br /> <br />either of whom may act. <br /> <br />4. Details and Sale of Refunding Bonds. The Refunding Bonds shall be issued and <br /> <br /> <br />sold upon the terms established pursuant to this Ordinance and upon such other terms as may be <br /> <br /> <br />determined in the manner set forth in this Ordinance. The Refunding Bonds shall be issued in <br /> <br /> <br />fully registered form, shall be dated such date as the City Representative may approve, and shall <br /> <br /> <br />be in denominations of $5,000 and integral multiples thereof. The Refunding Bonds shall be <br /> <br /> <br />numbered from R-l (or such other designation as the City Representative may approve) upwards <br /> <br /> <br />consecutively. The Refunding Bonds shall be issued in one or more series in such aggregate <br /> <br /> <br />principal amounts, and may be combined with other authorized obligations of the City, and shall <br /> <br />mature or be subject to mandatory sinking fund redemption on such dates and in such amounts as <br /> <br /> <br />the City Representative may approve, provided that the final maturity of the Refunding Bonds <br /> <br /> <br />shall not be later than December 31, 2032. The Refunding Bonds shall be offered for sale in such <br /> <br /> <br />manner as the City Representative may determine to be in the best interest of the City, provided <br /> <br /> <br />that (i) the sale of any series of the Refunding Bonds shall result in an aggregate net present <br /> <br /> <br />value debt service savings of not less than two and one-half percent (2.5%) of the par amount of <br /> <br />the Prior Obligations to be refunded, and (ii) the purchase price of any series of the Refunding <br /> <br /> <br />Bonds shall not be less than ninety-eight percent (98%) of the par amount of such series of the <br /> <br /> <br />Refunding Bonds, not taking into account any original issue discount or any bond insurance <br /> <br /> <br />premIUm. <br /> <br />If the City Representative determines that it is in the best interest of the City to sell any <br /> <br /> <br />Refunding Bonds in a competitive sale, then the City Representative is authorized and directed to <br /> <br />-2- <br />