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current financial market conditions and current interest rates for obligations comparable in tenor <br />and quality to the Bonds. Subject to the terms and conditions set forth in this Section 15, the <br />Chief Financial Officer is hereby authorized to execute the final form of the Bond Purchase <br />Contract, upon the Chief Financial Officer's approval of the final interest rates, aggregate <br />principal amount, redemption terms, redemption rights and principal maturities set forth therein. <br />Following the execution of the Bond Purchase Contract, the Chief Financial Officer shall provide <br />a report to the Council, describing the final terms of the Bonds approved pursuant to the <br />authority delegated in this section. The authority granted to the Chief Financial Officer by this <br />Section 15 shall expire 30 days after the date of approval of this ordinance. If a Bond Purchase <br />Contract for the Bonds has not been executed within 30 days after the date of final approval of <br />this ordinance, the authorization for the issuance of the Bonds shall be rescinded, and the Bonds <br />shall not be issued nor their sale approved unless such Bonds shall have been re -authorized by <br />ordinance of the Council. The ordinance re -authorizing the issuance and sale of such Bonds may <br />be in the form of a new ordinance repealing this ordinance in whole or in part or may be in the <br />form of an amendatory ordinance approving a bond purchase contract or establishing terms and <br />conditions for the authority delegated under this Section 15. <br />(b) Delivery of Bonds; Documentation. Upon the passage and approval of <br />this ordinance, the proper officials of the City including the Chief Financial Officer, are <br />authorized and directed to undertake all action necessary for the prompt execution and delivery <br />of the Bonds to the Underwriter thereof and further to execute all closing certificates and <br />documents required to effect the closing and delivery of the Bonds in accordance with the terms <br />of the Bond Purchase Contract. <br />(c) Preliminary and Final Official Statements. The Chief Financial <br />-45- P:\CMW\CMW6WH 09/06/05 <br />