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principal amount of the New Money Bonds shall not exceed $46,500,000, (ii) the final maturity of <br />any New Money Bond shall not be later than 40 years from the date of issuance, (iii) the final <br />maturity of the Refunding Bonds shall not be later than the end of the last fiscal year in which a <br />refunded Prior Obligation matures, (iv) the maximum interest rate on any New Money Bonds shall <br />not exceed 5.5% per annum (taking into account any original issue discount or premium) and <br />(v) any series of Refunding Bonds shall result in an aggregate net present value savings of at least <br />2.75% of the principal amount of the applicable refunded Prior Obligation. <br />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 />