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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" interest cost to the City, and the Bonds shall bear interest, payable semi - annually, at such <br />rate or rates and shall be sold at such price or prices as may be set forth in the bid(s) accepted by <br />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 issue any <br />Bonds in a direct placement, then the City Representative is hereby authorized to enter into any <br />and all placement documents related to the direct placement and to select the holder after <br />consultation with the City's financial advisor. If any Bonds are issued by direct placement, such <br />Bonds shall be registered in the name of the holders thereof, or, if the City Representative approves <br />of such designee, a designee selected by the holder, and such Bond may be delivered to the <br />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 the <br />best interest of the City. <br />