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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 /> reserve the right to reject any and all bids for the Bonds and also may waive any irregularity or <br /> informality in any bid <br /> Subject to the terms and conditions set forth in this Section 11, the Chief Financial <br /> Officer is hereby authorized to accept an Approved Bid, upon her approval of the final interest <br /> rates, maturity dates, aggregate principal amounts, principal maturities and redemption rights set <br /> forth therein in accordance with the authority granted by this section so long as the aggregate <br /> principal amount of the Bonds does not exceed $15,000,000 and the Savings Target is met. <br /> Following the sale of the Bonds, the Chief Financial Officer shall provide a report to the Council, <br /> describing the final terms of the Bonds approved pursuant to the authority delegated in this <br /> section. <br /> Upon the passage and approval of this ordinance, the proper officials of the City <br /> including the Chief Financial Officer, are authorized and directed to undertake all action <br /> necessary for the prompt execution and delivery of the Bonds to the successful bidder thereof and <br /> further to execute all closing certificates and documents required to effect the closing and <br /> delivery of the Bonds. In furtherance of the foregoing, the Chief Financial Officer is authorized <br /> to approve and enter into agreements for the payment of costs of issuance, including <br /> underwriter's discount, the fees and expenses specified in the Notice of Sale, including fees and <br /> -25- P:120287 CMW120287 9RD 08/14/12 <br />