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J <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 of each series shall be sold to the bidder offering to <br /> purchase them at the lowest true interest cost to the City; provided, however, that the Chief <br /> Financial Officer may determine to combine the Refunding Bonds and the Improvement Bonds <br /> and sell the same as a single series or determine not to proceed with the issuance of the <br /> Refunding Bonds as a result of insufficient savings to be realized as a result of their issuance, <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 16, 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 Improvement Bonds does not exceed $42,000,000 and provided that the <br /> net interest cost for the Improvement Bonds does not exceed 5.50%. Following each sale of each <br /> series of the Bonds, the Chief Financial Officer shall provide a report to the Council, describing <br /> the final terms of the Bonds approved pursuant to the 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 /> 0.0 <br /> -61- P:120287 CMVN20287_880 03125/09 <br />