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well as any mandatory sinking fund redemption provisions, and all other matters relating to the <br />issuance, sale, and delivery of the Bonds and the refunding of the Refunded Bonds, including <br />without limitation establishing the redemption date for and effecting the redemption of the <br />Refunded Obligations, and obtaining municipal bond insurance for all or any portion of the <br />Bonds and providing for the terms and provisions thereof applicable to the Bonds, if such <br />insurance is determined by the Pricing Officer acting with the advice of the Issuer's financial <br />advisor to be advantageous to the Issuer in selling the Bonds on the most favorable terms, all of <br />which shall be specified in the Pricing Certificate; provided that: <br />(i) the aggregate original principal amount of the Bonds shall not exceed <br />$4,750,000; <br />(ii) the refunding must produce debt service savings of at least 10% measured on <br />a present value basis as a percentage of the principal amount of the Refunded <br />Obligations, and with such savings to be net of any Issuer contribution to the <br />refunding; <br />(iii) the "true interest rate" far the Bonds shall not exceed 2.00%; and <br />(iv) the delegation made hereby shall expire if not exercised by the Pricing <br />Officer on or prior to the date that is six months after the adoption of this <br />Ordinance by the City Council. <br />(b) In establishing the aggregate principal amount of the Bonds, the Pricing Officer shall <br />establish an amount not exceeding the amount authorized in Subsection (a) hereof, which shall <br />be sufficient in amount to provide for the purposes for which the Bonds are authorized and to <br />pay costs of issuing the Bonds. The Bonds shall be sold with and subject to such terms as set <br />forth in the Pricing Certificate. <br />(c) The Bonds may be sold by public offering (either through a negotiated or competitive <br />offering) or by private placement. If the Bonds are sold by private placement, the Pricing <br />Certificate shall so state, and the Pricing Certificate may make changes to this Ordinance to <br />effect such private placement, including the provisions hereof that pertain to the book-entry-only <br />procedures (including eliminating the book-entry-only system of registrations, payment and <br />transfers) and to the provisions of Section 11 hereof relating to the undertaking of the Issuer in <br />accordance with Rule 15c2-12 of the Securities and Exchange Commission (the "Rule") <br />(including eliminating or replacing such undertaking with an agreement to provide alternative <br />disclosure information). <br />(d) It is hereby found and determined that the refunding of the Refunded Obligations is <br />advisable and necessary in order to restructure the debt service requirements of the Issuer, and <br />that the debt service requirements on the Bonds will be less than those on the Refunded <br />Obligations, resulting in a reduction in the amount of principal and interest which otherwise <br />would be payable. The Refunded Obligations are subject to redemption, at the option of the <br />Issuer, and the Pricing Officer is hereby authorized to cause all of the Refunded Obligations to <br />be called for redemption on the respective date or dates consistent with the savings analysis set <br />3 <br />-� s� <br />