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Council. The Council has determined that it would be in the best interest of the City to delegate <br /> to the Finance Director for a limited time the authority to designate the Refunded Bonds by <br /> selection from the Refunding Candidates as described in subsection (a) above, approve the final <br /> interest rates, aggregate principal amount, terms of redemption and redemption rights and <br /> principal amounts of each maturity of the Bonds. The Finance Director is hereby authorized to <br /> approve the final interest rates, maturity dates, aggregate principal amount, principal maturities, <br /> terms of redemption and redemption rights for the Bonds in the manner provided hereafter so <br /> long as (i) the aggregate principal amount of the Bonds does not exceed $65,000,000; (ii) the true <br /> interest cost for the Bonds (in the aggregate) does not exceed 6.0%; and (iii)the aggregate <br /> savings, as described in subsection (a), is at least equal to the Savings Target. <br /> In d esignating the Refunded B onds, determining whether o r n oft o proceed with b and <br /> insurance and determining the final interest rates, aggregate principal amounts, principal <br /> maturities, the Finance Director, i n c onsultation with C ity s taff, s hall t ake into account t hose <br /> factors that, in her 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 c omparable in tenor and quality to the B onds. Subject to the terms and <br /> conditions set forth in this Section 17, 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 17 shall expire <br /> 30 days after the date of approval of this ordinance. If a Bond Purchase Contract for the Bonds <br /> -49- P:\CMW\CMW5NP 04/22/03 <br />