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Section 16. Lost, Stolen or Destroyed Bonds. In case any Bond or Bonds shall be lost, <br /> stolen or destroyed, the Bond Registrar may execute and deliver a new Bond or Bonds of like <br /> date, number and tenor to the Registered Owner thereof upon the Registered Owner's paying the <br /> expenses and charges of the City in connection therewith and upon his/her filing with the City <br /> evidence satisfactory to the City that such B and was actually lost, stolen or destroyed and of <br /> his/her ownership thereof, and upon furnishing the City with indemnity satisfactory to the City. <br /> Section 17. Designation of Refunded Bonds; Sale of Bonds. <br /> (a) Designation of Refunded Bonds. As outlined in the recitals to this <br /> ordinance, certain principal maturities of the 1993 Bonds may be called for redemption prior to <br /> their scheduled maturities. All or some of these bonds may be refunded and refinanced with the <br /> proceeds of the Refunding Bonds authorized by this ordinance ("Refunding Candidates"). The <br /> Finance Director may select some or all of the Refunding Candidates and designate those <br /> Refunding Candidates as the "Refunded Bonds" in the Bond P urchase Contract if and to the <br /> extent that the aggregate savings to be realized as a result of the refunding of the Refunded <br /> Bonds (i.e., the p resent value o f(i)the a ggregate debt s ervice o n the Refunded Bonds minus <br /> (ii) the aggregate debt service on the Refunding Bonds, after payment of all costs of issuance of <br /> 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 and consistent with this ordinance. <br /> The Underwriter has advised the Council that market conditions are fluctuating and, as a result, <br /> the most favorable market conditions may occur on a day other than a regular meeting date of the <br /> -48- P:\CMW\CMW5NP 04/22/03 <br />