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happened and is continuing; (2) a Bondowners' Trustee has been appointed; (3) such owner <br />previously shall have given to the Bondowners' Trustee written notice of the Event of Default on <br />account of which such suit, action or proceeding is to be instituted; (4) the registered owners of 25° o <br />in principal amount of the then outstanding Parity Bonds have made, after the occurrence of such <br />Event of Default, written request of the Bondowners' Trustee and have afforded the Bondowners' <br />Trustee a reasonable opportunity to institute such suit, action or proceeding; (5) there have been <br />offered to the Bondowners' Trustee security and indemnity satisfactory to it against the costs, <br />expenses and liabilities to be incurred therein or thereby, and (6) the Bondowners' Trustee has <br />refused or neglected to comply with such request within a reasonable time. No Owner of any Parity <br />Bond shall have any right in any manner whatever by such Owner's action to affect or impair the <br />obligation of the City to pay f om the Net Revenue the principal of and interest on such Parity Bonds <br />to the respective Owners thereof when due. <br />Section 23. Sale and Delivery of the Bonds. <br />(a) Manner of Sale of Bonds; Delivery of Bonds. The Designated Representative is <br />authorized to sell each Series of the Bonds by negotiated sale, private placement, or by competiti <br />auve <br />sale in accordance with a notice of sale consistent with this ordinance, based on the assessment of the <br />Designated Representative of market conditions, in consultation with appropriate City officials and <br />staff, Bond Counsel and other advisors. In determining the method of sale of a Series and accepting <br />the Bond Sale Terms, the Designated Representative shall take into account those factors that, in the <br />judgment of the Designated Representative, may be expected to result in the lowest true interest cost <br />to the City. <br />(b) Procedure for Negotiated Sale or Private Placement. If the designated Representative <br />determines that a Series of the Bonds is to be sold by negotiated sale or private placement, the <br />Designated Representative shall select one or more Purchasers with which to negotiate such sale. The <br />Bond Purchase Agreement for such Series shall set forth the Bond Sale Terms, The Designated <br />Representative is authorized to execute the Bond Purchase Agreement on behalf of the City, so long <br />as the terms provided therein are consistent with the terms of this ordinance. <br />(c) Procedure for Competitive Sale. If the Designated Representative determines that a <br />Series of the Bonds is to be sold by competitive sale, the Designated Representative shall cause the <br />preparation of an official notice of bond sale setting forth parameters for the Bond Sale Terms and <br />any other bid parameters that the Designated Representative deems appropriate consistent with this <br />ordinance. Bids for the purchase of the Series shall be received at such time or place and by such <br />means as the Designated Representative directs. On the date and time established for the receipt of <br />bids, the Designated Representative (or the designee of the Designated Representative) shall open <br />bids and shall cause the bids to be mathematically verified. The Designated Representative is <br />authorized to award, on behalf of the City, the winning bid and accept the winning bidder's offer to <br />purchase the Series, with such adjustments to the aggregate principal amount and principal amount <br />per maturity as the Designated Representative deems appropriate, consistent with the terms of this <br />ordinance. The Designated Representative may reject any or all bids submitted and may waive any <br />formality or irregularity in any bid or in the bidding process if the Designated Representative deems <br />it to be in the City's best interest to do so. If all bids are rejected, the Series may be sold pursuant to <br />negotiated sale or in any manner provided by law as the Designated Representative determines is in <br />the best interest of the City, within the parameters set forth in this ordinance. <br />(d) Preparation, Execution and Delivery of the Bonds. Each Series of the Bonds will be <br />prepared at City expense and will be delivered to the Purchaser in accordance with the Bond <br />