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annually, at such rate or rates and shall be sold at such price or prices as may be set forth in the <br />bid(s) accepted by the City Representative. <br />If the City Representative determines that it is in the best interest of the City to sell any <br />Bonds in a negotiated sale, then the City Representative is hereby authorized to enter into a bond <br />purchase agreement or bond purchase agreements with an underwriter or group of underwriters <br />with demonstrated experience in underwriting municipal securities to be selected by the City <br />Representative. <br />If the City Representative determines that it is in the best interest of the City to sell any <br />Bonds in a direct purchase, then the City Representative is hereby authorized to enter into .any <br />and all purchase documents related to the direct purchase and to select the purchaser after <br />consultation with the City's financial advisor. If any Bonds are sold by direct purchase, such <br />Bonds shall be registered in the name of the purchasers thereof, or, if the City Representative <br />approves of such designee, a designee selected by the purchaser, and such Bond may be <br />delivered to the registered owner. <br />The City Representative is hereby authorized and directed to approve such optional or <br />mandatory redemption provisions for the Bonds as the City Representative determines to be in <br />the best interest of the City. <br />Notwithstanding anything to the contrary herein, by 5:00 p.m. on the date prior to the sale <br />date of any Bonds identified in an official notice of sale for the Bonds, if either no underwriter or <br />only one underwriter has advised of its intention to bid on any series of the Bonds, the City <br />Representative, after consultation with the City's financial advisor and the City's bond counsel, is <br />authorized to remove such series of Bonds from the bidding process and to pursue a negotiated <br />sale for such series of Bonds. <br />