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with its terms and to pay when due the interest and redemption premium, if any, thereon, and <br /> such cash and/or noncallable Government Obligations are irrevocably set aside and pledged for <br /> such purpose, then no further payments need be made into the Debt Service Account for the <br /> payment of the principal of and interest on such Bond. The owner of a Bond so provided for <br /> shall cease to be entitled to any lien, benefit or security of this ordinance except the right to <br /> receive payment of principal, premium, if any, and interest from the Debt Service Account or <br /> such special account, and such Bond shall be deemed to be not outstanding under this ordinance. <br /> The City shall give written notice of defeasance to the owners of all Bonds so provided <br /> for within 30 days of the defeasance and to each party entitled to receive notice in accordance <br /> with Section 13 of this ordinance. <br /> Section 11. Sale of Bonds. The Bonds shall be sold at a competitive public sale. The <br /> Chief Financial Officer or her designee shall: (a) establish the date of the public sale; <br /> (b) establish the criteria by which the successful bidder will be determined; (c) request that a <br /> good faith deposit in an amount not less than one percent of the principal amount of the offering <br /> accompany each bid; (d) cause notice of the public sale to be given (the "Notice of Sale"); and <br /> (e)provide for such other matters pertaining to the public sale as she deems necessary or <br /> desirable. The Chief Financial Officer shall cause notice of the public sale to be given and <br /> provide for such other matters pertaining to the public sale as she deems necessary or desirable. <br /> Upon the date and time established for the receipt of bids for the Bonds, the Chief <br /> Financial Officer or her designee shall open the bids and shall cause the bids to be <br /> mathematically verified. The Bonds shall be sold to the bidder offering to purchase them at the <br /> lowest true interest cost to the City; provided, however, that the Chief Financial Officer may <br /> -19- P 120287 CMVA20287 8RS 02/08/10 <br />