2021 Ordinances - Laserfiche WebLink

Home Browse Search

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 5.0% 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 2.759 of the principal amount of the applicable refunded Prior Obligation, The City Representative shall determine the manner in which the Bonds are offered for sale. 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 hid or qualifying bids for the purchase of the Bonds that results in the lowest "true" 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 bid(s) 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 k 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. If the City Representative determines that it is in the best interest of the City to issue any Bonds in a direct placement, then the City Representative is hereby authorized to enter into any and all placement documents related to the direct placement and to select the holder after consultation with the City's financial advisor. If any Bonds are issued by direct placement, such Bonds shall be registered in the name of the holders thereof, or, if the City Representative approves