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2004_Resolutions
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the City Manager, plus accrued interest thereon from their date to the date of delivery thereof and <br />• payment therefor, and on such other terms and conditions as shall be provided in the Notice of <br />Sale relating to the Bonds. The City Manager is hereby authorized to cause to be published and <br />distributed a Notice of Sale of the Bonds of each series in such form and containing such terms <br />and conditions as he may deem advisable, subject to the provisions hereof. In lieu of publishing <br />the full text of the Notice of Sale of the Bonds in accordance with the provisions of the <br />immediately preceding sentence, the City Manager is hereby authorized to cause a Summary <br />Notice of Sale of the Bonds in such form as the City Manager shall approve to be published in <br />The Bond Buyer on a date selected by the City Manager and is hereby further authorized to cause <br />to be prepared and distributed a Preliminary Official Statement and a final Official Statement and <br />a Detailed Notice of Sale relating to the Bonds of each series. <br />(b) There is hereby delegated to the City Manager the authority to receive bids <br />for the purchase of the Bonds of each series and, without further action by the Council, to accept <br />the bid offering to purchase the Bonds of each series at the lowest true interest cost to the City, <br />computed in accordance with the provisions of the Detailed Notice of Sale of the Bonds of such <br />series; provided (i) that such bid is accompanied or preceded by a surety bond meeting the <br />conditions specified in the Detailed Notice of Sale of such series and is otherwise in conformity <br />with the provisions of the Detailed Notice of Sale of the Bonds of such series, (ii) that the true <br />interest cost to the City as specified in such bid is not in excess of seven and one-half percent <br />(7%%), (iii) the redemption premium payable upon the redemption of the Bonds shall not exceed <br />two percent (2%) of the principal amount thereof and (iv) in the case of Bonds issued to refund <br />the Refunded Bonds, the net present value savings ratio shall not be less than four percent (4%) <br />40based on the debt service on the Refunded Bonds. The City Manager is hereby further <br />authorized to determine, or to modify the provisions of this resolution with respect to, the dated <br />date of the Bonds, the interest payment dates for the Bonds, the dates on which the Bonds shall <br />mature, the principal amount of the Bonds maturing on each such maturity date and the <br />redemption provisions applicable to the Bonds and to fix the rates of interest to be borne by the <br />Bonds of each maturity of each series as specified in the bid accepted by him in accordance with <br />the immediately preceding sentence. <br />• <br />(c) The City Manager is hereby further authorized to execute and deliver to <br />the purchasers of the Bonds authorized for issuance under this resolution a Continuing <br />Disclosure Certificate evidencing the City's undertaking, to comply with the continuing <br />disclosure requirements of Paragraph (b)(5) of such Rule 15c2-12 to the extent applicable to the <br />Bonds. The City Manager, the Chief Financial Officer/Chief Operating Officer, the Director of <br />Finance or the Acting Director of Finance and the City Attorney are hereby authorized to execute <br />and deliver to the purchasers of the Bonds of each series one or more certificates in the forms <br />provided for in the Official Statement relating to the Bonds. <br />10. The Bonds, the certificate of authentication of the Registrar and the <br />assignment endorsed on such Bonds, shall be in substantially the form set forth in Exhibit A, <br />with such changes in format as may be appropriate to conform with customs and practices <br />applicable to comparable securities. <br />-7- <br />461132.3 027341 RES <br />
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