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principal amount authorized in paragraph 4 of this Ordinance, the term to maturity thereof shall not exceed five years, and the "true" interest cost of the Notes shall not exceed 5.0% per annum (taking into account any original issue discount or premium). The Notes shall be subject to other terms and conditions contained in this Ordinance to the extent not inconsistent with this paragraph 15. The Notes shall be secured in the same manner as the Bonds authorized hereunder. The City may retire the Notes either by issuing the Bonds authorized hereunder or by making a payment or payments from any other lawfully available funds, provided that the maximum amount of the Bonds authorised hereunder will he reduced by the amount of Notes retired by other lawfully° available funds. If' the City issues Bonds to retire the Notes, the City shall issue the Bonds in accordance with the terms of and subject to the parameters contained in this Ordinance. 16. Refunding of Prior Obligations. The City Representative is hereby authorized and directed to execute one or more escrow agreements (each an "Escrow Agreement ") with an escrow agent (the "Escrow Agent ") to he appointed by the City Representative. with respect to the Refunded Bonds (as defined below). The Escrow Agreement shall be in the form approved by the City Representative. The execution of an Escrow Agreement by the City Representative shall constitute conclusive evidence of such official's approval of the Escrow Agreement. The Escrow Agent is hereby authorized and directed to execute initial and final subscription forms for the purchase of noncallable, direct obligations of the United States and such other contracts and agreements necessary to provide for the refunding of the Refunded Bonds and payment of the applicable interest on the Bonds as are approved by the City Representative. The City Representative is hereby authorized and directed to determine, which maturities (or portions thereof) of the Prior Obligations are to be refunded by the proceeds of the Bonds (such refunded Prior Obligations are referred to as, the "Refunded Bonds "). The City Representative is further