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506242089.1 <br />-53- <br /> <br />The Registrar shall provide notice of defeasance of Bonds to Registered Owners and to <br />each party entitled to receive notice in accordance with Section 17 of this ordinance. <br />Section 14. Lost, Stolen or Destroyed Bonds. In case any Bond or Bonds shall be lost, <br />stolen or destroyed, the Registrar may execute and deliver a new Bond or Bonds of like date, <br />number and tenor to the Registered Owner thereof upon the Registered Owner’s paying the <br />expenses and charges of the City and the Registrar in connection therewith and upon his/her <br />filing with the Finance Director-Treasurer and the Registrar evidence satisfactory to the Finance <br />Director-Treasurer and the Registrar, respectively, that such Bond was actually lost, stolen or <br />destroyed and of his/her ownership thereof, and upon furnishing the City and the Registrar with <br />indemnity satisfactory to the Finance Director-Treasurer and the Registrar, respectively. <br />Section 15. Sale of Bonds. <br />(a)Bond Sale. The Bonds shall be sold at a competitive public sale. The Finance <br />Director-Treasurer or her designee shall: (a) establish the date of the public sale; (b) establish <br />the criteria by which the successful bidder will be determined; (c) request that a good faith <br />deposit in an amount to be specified in the Notice of Sale accompany each bid; (d) cause notice <br />of the public sale to be given (the “Notice of Sale”); and (e) provide for such other matters <br />pertaining to the public sale as she deems necessary or desirable. The Finance Director- <br />Treasurer shall cause notice of the public sale to be given and provide for such other matters <br />pertaining to the public sale as she deems necessary or desirable. <br />Upon the date and time established for the receipt of bids for the Bonds, the Finance <br />Director-Treasurer or her designee shall open the bids and shall cause the bids to be <br />mathematically verified. The Bonds shall be sold to the bidder offering to purchase them at the <br />lowest true interest cost to the City; provided, however, that the Finance Director-Treasurer may