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8 7. The City covenants an d agrees to comply with the provisions of Sections 103 and 141 - 150 of the Internal Revenue Code of 1986 and the Treasury Regulations promulgated under such Sections 103 and 141 - 150 throughout the term of the Bonds. 8. The proceeds of the sale of the General Obligation Public Improvement Bonds shall be applied to the payment of the cost of the following public improvement projects of and for the City in substantially the following respective amounts: Projects Amounts Schools $ 3,500,000 Courts 1,500,000 Parks, Streets and Sidewalks 1,000,000 Water System Improvements 2,000,000 Sewer System Improvements 2,000,000 $10,000,000 If any project set forth above shall require less than the entire respective amount so set forth, the difference may be app lied to any of the other projects so set forth. 9. (a)There is hereby delegated to the City Manager authority, without further action by the Council, to sell the Bonds authorized for issuance under this resolution in accordance with the provisions hereof at competitive sale at such price as shall be determined by the City Manager, plus accrued interest thereon from their date to the date of delivery thereof and payment therefor, and on such other terms and conditions as shall be provided in the Noti ce of Sale relating to the Bonds. The City Manager is hereby authorized to cause to be published and distributed a Notice of Sale of the Bonds of each series in such form and containing such terms and conditions as he may deem advisable, subject to the pr ovisions hereof. In lieu of publishing the full text of the Notice of Sale of the Bonds in accordance with the provisions of the immediately preceding sentence, the City Manager is hereby authorized cause a Summary Notice of Sale of the Bonds in such form as the City Manager shall approve to be published in The Bond Buyer on a date selected by the City Manager and is hereby further authorized to cause to be prepared and distributed a Preliminary Official Statement and a final Official Statement and a Detai led Notice of Sale relating to the Bonds of each series. (b)There is hereby delegated to the City Manager the authority to receive bids for the purchase of the Bonds of each series and, without further action by the Council, to accept the bid offering to purchase the Bonds of each series at the lowest true interest cost to the City, computed in accordance with the provisions of the Detailed Notice of Sale of the Bonds of such series; provided (i) that such bid is accompanied or preceded by a surety bond m eeting the conditions specified in the Detailed Notice of Sale of such series and is otherwise in conformity with the provisions of the Detailed Notice of Sale of the Bonds of such series; (ii) that the true interest cost to the City as specified in such b id is not in excess of seven and one - half percent (7½%); (iii) the redemption premium payable upon the redemption of the Bonds shall not exceed two percent (2%) of the principal amount thereof; and (iv) in the case of Bonds issued to refund the Refunded Bo nds, the net present value savings ratio shall not be less than four percent (4%) based on the debt service on the Refunded Bonds. The City Manager is hereby further authorized to determine, or to modify the provisions of this resolution with respect to, the dated date of the Bonds, the interest payment dates for the Bonds, the dates on which the Bonds shall mature, the principal amount of the Bonds maturing on each such maturity date and the redemption provisions applicable to the Bonds and to fix the rat es of interest to be borne by the Bonds of each maturity of each series as specified in the bid accepted by him in accordance with the immediately preceding sentence. (c)_The City Manager is hereby further authorized to execute and deliver to the purchase rs of the Bonds authorized for issuance under this resolution a Continuing Disclosure Certificate evidencing the City’s undertaking, to comply with the continuing disclosure requirements of Paragraph (b)(5) of such Rule 15c2 - 12 to the extent applicable to the Bonds. The City Manager, the Director of Finance and the City Attorney are hereby authorized to execute and deliver to the purchasers of the Bonds of each series