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3. Designation of City Representative. For the purposes set forth in this Ordinance, <br />the term "City Representative" means the City Manager and the Chief Financial Officer, either of <br />whom may act. <br />4. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms <br />established pursuant to this Ordinance and upon such other terms as may be determined in the <br />manner set forth in this Ordinance. The Bonds shall be issued in fully registered form, shall be <br />dated such date as the City Representative may approve, and shall be in denominations of $5,000 <br />and integral multiples thereof. The Bonds shall be numbered from R-1 (or such other <br />designation as the City Representative may approve) upwards consecutively. The Bonds shall be <br />issued in one or more series in such aggregate principal amounts, and may be combined with <br />other authorized obligations of the City, and shall mature or be subject to mandatory sinking <br />fund redemption on such dates and in such amounts as the City Representative may approve, <br />provided that (i) the final maturity of the Bonds shall not be later than December 31 of the last <br />year in which any refunded Prior Obligation matures, (ii) the sale of any series of the Bonds shall <br />result in an aggregate net present value debt service savings of not less than 2.5% of the par <br />amount of the Prior Obligations to be refunded and (iii) the purchase price of any series of the <br />Bonds shall not be less than 98% of the par amount of such series of the Bonds, not taking into <br />account any original issue discount or any bond insurance premium. <br />The City Representative shall determine the manner in which the Bonds are offered for <br />sale. If the City Representative determines that it is in the best interest of the City to sell any <br />Bonds in a competitive sale, then the City Representative is hereby authorized and directed to <br />accept a qualifying bid or qualifying bids for the purchase of the Bonds that results in the lowest <br />"true" or "Canadian" interest cost to the City, and the Bonds shall bear interest, payable semi- <br />