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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 reserves <br /> 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 15, the Chief Financial <br /> Officer is hereby authorized to approve the Refunded Bonds and accept an Approved Bid, upon <br /> her approval of the final interest rates, maturity dates, aggregate principal amounts, principal <br /> maturities and redemption rights set forth therein in accordance with the authority granted by this <br /> section so long as the aggregate principal amount of the Bonds does not exceed $82,500,000 and <br /> the Savings Target is met. Following the sale of the Bonds, the Chief Financial Officer shall <br /> provide a report to the Council, describing the final terms of the Bonds approved pursuant to the <br /> authority delegated in this section. <br /> (b) Delivery of Bonds; Documentation. Upon the passage and approval of this <br /> ordinance, the proper officials of the City including the Chief Financial Officer, are authorized <br /> and directed to undertake all action necessary for the prompt execution and delivery of the Bonds <br /> to the successful bidder thereof and further to execute all closing certificates and documents <br /> required to effect the closing and delivery of the Bonds. In furtherance of the foregoing, the <br /> Chief Financial Officer is authorized to approve and enter into agreements for the payment of <br /> costs of issuance, including underwriter's discount, the fees and expenses specified in the Notice <br /> of Sale, including fees and expenses of underwriter and other retained services, including Bond <br /> Counsel, financial advisor, rating agencies, fiscal agency, escrow agent, verification agent, and <br /> -54- P:\20287 CMVN20287 BN9 10/11/16 <br />