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Chief Financial Officer and the Bond Registrar, respectively, that such Bond was actually lost, <br />stolen or destroyed and of his/her ownership thereof, and upon furnishing the City and the Bond <br />Registrar with indemnity satisfactory to the Chief Financial Officer and the Bond Registrar, <br />respectively. <br />Section 15. Sale of Bonds. <br />(a) Bond Sale. The Bonds shall be sold at negotiated sale to the Underwriter <br />pursuant to the terms of the Bond Purchase Contract. The Chief Financial Officer is hereby <br />authorized to negotiate terms for the purchase of the Bonds and execute the Bond Purchase <br />Contract, with such terms as are approved by her pursuant to this section and consistent with this <br />ordinance. The Underwriter has advised the Council that market conditions are fluctuating and, <br />as a result, the most favorable market conditions may occur on a day other than a regular meeting <br />date of the Council. The Council has determined that it would be in the best interest of the City <br />to delegate to the Chief Financial Officer for a limited time the authority to 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 Chief Financial Officer is hereby <br />authorized to approve the final interest rates, maturity dates, aggregate principal amount, <br />principal maturities, terms of redemption and redemption rights for the Bonds in the manner <br />provided hereafter so long as (1) the aggregate principal amount of the Bonds does not exceed <br />$35,000,000 and (2) the true interest cost for the Bonds (in the aggregate) does not exceed 5%. <br />In determining whether or not to proceed with bond insurance and determining the final <br />interest rates, aggregate principal amounts, principal maturities, the Chief Financial Officer, in <br />consultation with City staff, shall take into account those factors that, in her judgment, will result <br />in the lowest true interest cost on the Bonds to their maturity, including, but not limited to <br />-44- P:\CMW\CMW6WH 09/06/05 <br />