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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 Bonds does not exceed $55,000,000 and provided that the net interest <br />cost for the Bonds does not exceed 4.75%. Following the sale of the Bonds, the Chief Financial <br />Officer shall provide a report to the Council, describing the final terms of the Bonds approved <br />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 />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 />other expenses customarily incurred in connection with issuance and sale of bonds. <br />(c) Preliminary and Final Official Statements. The Chief Financial Officer is hereby <br />authorized to deem final the preliminary Official Statement relating to the Bonds for the <br />purposes of the Rule. The Chief Financial Officer is further authorized to ratify and to approve <br />-54- PA20287_CMVA20287_B32 09/09/15 <br />