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15 City Manager is hereby authorized to 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 Detailed 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 meeting 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 bid is not in excess of six percent (6%), (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 Bonds, the net present value savings ratio shall not be less than three percent (3%) 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 rates 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 purchasers 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 Chief Financial Officer/Chief Operating Officer, the Director of Finance or the Acting Director of Finance and the City Attorney are hereby authorized to execute and deliver to the purchasers of the Bonds of each series one or more certificates in the forms provided for in the Official Statement relating to the Bonds. 10.The Bonds, the certificate of authentication of the Registrar and the assignment endorsed on such Bonds, shall be in substantially the form set forth in Exhibit A, with such changes in format as may be appropriate to conform with customs and practices applicable to comparable securities. 11.(a) The City Manager is hereby authorized to appoint an escrow agent (the “Escrow Agent”) for the City in connection with the refunding of the Refunded Bonds. (b) The City Manager is hereby authorized and directed to execute and deliver an Escrow Deposit Agreement by and between the City and the Escrow Agent in such form as shall be approved by the City Manager upon the advice of counsel (including the City Attorney or Bond Counsel), such approval to be conclusively evidenced by the execution of the Escrow Deposit Agreement by the City Manager. (c) The City Manager and the Director of Finance, or either of them, are hereby authorized to enter into such purchase agreements as may be required in connection with the purchase by the Escrow Agent, from moneys deposited in the Escrow Deposit Fund created and established under any Escrow Deposit Agreement, of Government Securities (as defined in the Escrow Deposit Agreement). 12.Subject to the issuance, sale and delivery of the Bonds pursuant to this resolution and receipt of the proceeds of the Bonds, the City Manager is hereby authorized to designate the Refunded Bonds for redemption on such date or dates as shall be determined by the City Manager and is hereby further authorized to direct the Escrow Agent to cause notices of the redemption of the Refunded Bonds on such date or dates to