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as the same become due and payable. The City Council shall levy annually an annual ad valorem tax upon all property in the City subject to local taxation sufficient to pay the principal of, premium, if any, and interest on the Bonds as the same shall become due for payment unless other funds are lawfully available and appropriated for the timely payment thereof. 3. Designation of City Representative. For the purposes set forth in this Ordinance, the term "City Representative" means the City Manager and the Chief Financial Officer, either of whom may act. 4. Details and Sale of Bonds. The Bonds shall be issued and sold upon the terms established pursuant to this Ordinance and upon such other terms as may be determined in the manner set forth in this Ordinance. The Bonds shall be issued in fully registered form, shall be dated such date as the City Representative may approve, and shall be in denominations of $5,000 and integral multiples thereof. The Bonds shall be numbered from R -1 (or such other designation as the City Representative may approve) upwards consecutively. The Bonds shall be issued in one or more series in such aggregate principal amounts, and may be combined with other authorized obligations of the City, and shall mature or be subject to mandatory sinking fund redemption on such dates and in such amounts as the City Representative may approve, provided that (1) the principal amount of the New Money Bonds shall not exceed $28,000,000, (ii) the final maturity of any New Money Bond shall not be later than 40 years from the date of issuance, (iii) the final maturity of the Refunding Bonds shall not be later than the end of the last fiscal year in which a refunded Prior Obligation matures, (iv) the "true" interest cost of the New Money Bonds shall not exceed five and one -half percent (5.5 %) per annum (taking into account any original issue discount or premium) and (v) any series of Refunding Bonds shall result in an aggregate net present value savings of at least 2.75% of the principal amount of the applicable refunded Prior Obligation.