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principal amount authorized in paragraph 4 of this Ordinance, the term to maturity thereof shall <br />not exceed five years, and the interest rate of the Notes shall not exceed 5.5% per annum (taking <br />into account any original issue discount or premium). The Notes shall be subject to other terms <br />and conditions contained in this Ordinance to the extent not inconsistent with this paragraph 15. <br />The Notes shall be secured in the same manner as the Bonds authorized hereunder. The City may <br />retire the Notes either by issuing the Bonds authorized hereunder or by making a payment or <br />payments from any other lawfully available funds, provided that the maximum amount of the <br />Bonds authorized hereunder will be reduced by the amount of Notes retired by other lawfully <br />available funds. If the City issues Bonds to retire the Notes, the City shall issue the Bonds in <br />accordance with the terms of and subject to the parameters contained in this Ordinance. <br />16. Refunding of Prior Obligations. The City Representative is hereby authorized and <br />directed to execute one or more escrow agreements (each an "Escrow Agreement") with an escrow <br />agent (the "Escrow Agent") to be appointed by the City Representative, with respect to the <br />Refunded Bonds (as defined below). The Escrow Agreement shall be in the form approved by the <br />City Representative. The execution of an Escrow Agreement by the City Representative shall <br />constitute conclusive evidence of such official's approval of the Escrow Agreement. The Escrow <br />Agent is hereby authorized and directed to execute initial and final subscription forms for the <br />purchase of noncallable, direct obligations of the United States and such other contracts and <br />agreements necessary to provide for the refunding of the Refunded Bonds and payment of the <br />applicable interest on the Bonds as are approved by the City Representative. The City <br />Representative is hereby authorized and directed to determine, which maturities (or portions <br />thereof) of the Prior Obligations are to be refunded by the proceeds of the Bonds (such refunded <br />Prior Obligations are referred to as, the "Refunded Bonds"). The City Representative is further <br />