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redemption prior to their scheduled maturities. All or some of these bonds may be refunded and <br /> refinanced with the proceeds of the Refunding Bonds authorized by this ordinance ("Refunding <br /> Candidates"). The Finance Director may select some or all of the Refunding Candidates and <br /> designate those Refunding Candidates as the "Refunded Bonds" in the Bond Purchase Contract if <br /> and to the extent that the aggregate savings to be realized as a result of the refunding of the <br /> Refunded Bonds (i.e., the present value of (i) the aggregate debt service on the Refunded Bonds <br /> minus (ii) the aggregate debt service on the Refunding Bonds, after payment of all costs of <br /> issuance of the Refunding Bonds), exceed the Savings Target. <br /> (b) Bond Sale. The Bonds shall be sold at negotiated sale to the Underwriter <br /> pursuant to the terms of the Bond Purchase Contract. The Finance Director is hereby authorized <br /> to negotiate terms for the purchase of the Bonds and execute the Bond Purchase Contract, with <br /> such terms as are approved by him pursuant to this section of this ordinance and consistent with <br /> this ordinance. The Underwriter has advised the Council that market conditions are fluctuating <br /> and, as a result, the most favorable market conditions may occur on a day other than a regular <br /> meeting date of the Council. The Council has determined that it would be in the best interest of <br /> the City to delegate to the Finance Director for a limited time the authority to designate the <br /> Refunded Bonds by selection from the Refunding Candidates as described in Section 8(c) of this <br /> ordinance, approve the final interest rates, aggregate principal amount and principal amounts of <br /> each maturity of the Bonds. The Finance Director is hereby authorized to approve the final <br /> interest rates, maturity dates, aggregate principal amount, principal maturities and redemption <br /> rights for the Bonds in the manner provided hereafter so long as (i) the aggregate principal <br /> amount of the Bonds does not exceed$20,000,000; and (ii) the aggregate savings, as described in <br /> subsection (a) of this section, is at least equal to the Savings Target. <br /> -30- P:\CMW\CMW5IL 12/06/02 <br />