Ordinances 2012 - Laserfiche WebLink

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or; :;~' ~ , I "---_.,~~~~- r, accept a qualifying bid or qualifying bids for the purchase of the Refunding Bonds which results in the lowest "true" or "Canadian" interest cost to the City, and the Refunding Bonds shall bear interest at such rate or rates and shall be sold at such price or prices as may be set forth in the bides) accepted by the City Representative. If the City Representative determines that it is in the best interest of the City to sell any Refunding Bonds in a negotiated sale, then the City Representative is hereby authorized to enter into a bond purchase agreement or bond purchase agreements with an underwriter or group of underwriters with demonstrated experience in underwriting municipal securities to be selected by the City Representative. The City Representative is authorized and directed to approve such optional or mandatory redemption provisions for the Refunding Bonds as the City Representative may determine to be in the best interest of the City. Notwithstanding anything to the contrary herein, by 5:00 p.m. on the date prior to the sale date of any Refunding Bonds identified in the official notice of sale for the Refunding Bonds, if either no underwriter or only one underwriter has advised of its intention to bid on any series of the Refunding Bonds, the City Representative, after consultation with the City's financial advisor and the City's bond counsel, is authorized to remove such series of Refunding Bonds from the bidding process and to pursue a negotiated sale for such series of Refunding Bonds. The approval of the final terms and conditions of the Refunding Bonds subject to the foregoing parameters shall be evidenced conclusively by the execution and delivery of the Refunding Bonds in accordance with paragraph 8 of this Ordinance. 5. Form of Refunding Bonds. The Refunding Bonds shall be in substantially the form presented at this meeting, with such appropriate variations, omissions, and insertions as are -3-