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determine to combine the Refunding Bonds and the Improvement Bonds and sell the same as a <br />single series or determine not to proceed with the issuance of the Refunding Bonds as a result of <br />insufficient savings to be realized as a result of their issuance, and reserves the right to reject any <br />and all bids for the Bonds and also may waive any irregularity or informality in any bid. <br />Subject to the terms and conditions set forth in this Section 15, the Finance Director - <br />Treasurer is hereby authorized to approve the Refunded Bonds and accept an Approved Bid, <br />upon her approval of the final interest rates, maturity dates, aggregate principal amounts, <br />principal maturities and redemption rights set forth therein in accordance with the authority <br />granted by this section so long as the aggregate principal amount of the Bonds does not exceed <br />$66,100,000, the true interest cost for the Improvement Bonds does not exceed 5.50%, and the <br />Savings Target is met for the Refunding Bonds. Following the sale of each series of the Bonds, <br />the Finance Director -Treasurer shall provide a report to the Council, describing the final terms of <br />the Bonds approved pursuant to the authority delegated in this section. <br />(b) Delivery of Bonds; Documentation. Upon the passage and approval of this <br />ordinance, the proper officials of the City including the Finance Director -Treasurer, are <br />authorized and directed to undertake all action necessary for the prompt execution and delivery <br />of the Bonds to the successful bidder thereof and further to execute all closing certificates and <br />documents required to effect the closing and delivery of the Bonds. In furtherance of the <br />foregoing, the Finance Director -Treasurer is authorized to approve and enter into agreements for <br />the payment of costs of issuance, including underwriter's discount, the fees and expenses <br />specified in the Notice of Sale, including fees and expenses of underwriter and other retained <br />services, including Bond Counsel, financial advisor, rating agencies, fiscal agent, escrow agent, <br />if any, verification agent, if any, and other expenses customarily incurred in connection with <br />-54- <br />506242089.1 <br />