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In designating the Refunded Bonds, determining whether or not to proceed with bond <br /> insurance and determining the final interest rates, aggregate principal amounts, principal <br /> maturities, the Finance Director, in consultation with City staff, shall take into account those <br /> factors that, in his judgment, will result in the lowest true interest cost on the Bonds to their <br /> maturity, including, but not limited to current financial market conditions and current interest <br /> rates for obligations comparable in tenor and quality to the Bonds. Subject to the terms and <br /> conditions set forth in this Section 13, the Finance Director is hereby authorized to execute the <br /> final form of the Bond Purchase Contract, upon the Finance Director's approval of the final <br /> interest rates, aggregate principal amount and principal maturities set forth therein. Following <br /> the execution of the Bond Purchase Contract, the Finance Director shall provide a report to the <br /> Council, describing the final terms of the Bonds approved pursuant to the authority delegated in <br /> this section. The authority granted to the Finance Director by this Section 13 shall expire 45 days <br /> after the date of approval of this ordinance. If a Bond Purchase Contract for the Bonds has not <br /> been executed within 45 days after the date of final approval of this ordinance, the authorization <br /> for the issuance of the Bonds shall be rescinded, and the Bonds shall not be issued nor their sale <br /> approved unless such Bonds shall have been re-authorized by ordinance of the Council. The <br /> ordinance re-authorizing the issuance and sale of such Bonds may be in the form of a new <br /> ordinance repealing this ordinance in whole or in part or may be in the form of an amendatory <br /> ordinance approving a bond purchase contract or establishing terms and conditions for the <br /> authority delegated under this Section 13. <br /> (c) Delivery of Bonds; Documentation. Upon the passage and approval of this <br /> ordinance, the proper officials of the City including the Finance Director, are authorized and <br /> directed to undertake all action necessary for the prompt execution and delivery of the Bonds to <br /> -31- P.\CMW\CMW5IL 12/06/02 <br />