Ordinances 2013 - Laserfiche WebLink

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(ii) the aggregate principal amount of the Courthouse Bonds shall not exceed $52,000,000. The City Representative shall determine the manner in which the Bonds are offered for sale. Provided however, that (i) the Courthouse Bonds shall have a "true" or "Canadian" interest cost of not more than five percent (5.0%) per annum, (ii) the sale of any series of the Refunding Bonds shall result in an aggregate net present value debt service savings of not less than two and one-half percent (2.5%) of the par amount of the Prior Obligations to be refunded and (iii) the ", purchase price of any series of the Bonds shall not be less than ninety-eight percent (98%) of the par amount of such series of the Bonds, not taking into account any original issue discount or any bond insurance premium. If the City Representative determines that it is in the best interest of the City to sell any Bonds in a competitive sale, then the City Representative is hereby authorized and directed to accept a qualifying bid or qualifying bids for the purchase of the Bonds that results in the lowest "true" or "Canadian" interest cost to the City, and the Bonds shall bear interest, payable semi- annually, 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 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 hereby authorized and directed to approve such optional or mandatory redemption provisions for the Bonds as the City Representative determines to be in the best interest of the City. -3-