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The sale of the Refunding Bonds shall be made upon the advice(in the form of a written certificate <br /> or report)of Speer Financial, Inc.,the financial advisor to the City("Speer")that the terms of the <br /> Refunding Bonds are fair and reasonable in view of current conditions in the bond markets. As <br /> additional limitations on the sale of any Bonds, the Designated Officials shall find and determine <br /> that such Bonds have been sold at such price and bear interest at such rates that either the true <br /> interest cost(yield) or the net interest rate received upon the sale of such Bonds does not exceed <br /> the maximum rate otherwise authorized by applicable law. As an additional limitation on the sale <br /> of the Refunding Bonds, the Designated Officials shall further find and determine that the <br /> Refunding will provide net present value debt service savings to the City in an amount not less <br /> than 4.0%of the par amount of the Refunded Bonds. The Designated Officials may choose all or <br /> any lesser portion of the Prior Bonds to be refunded, in such manner as will provide such savings. <br /> Nothing in this Section shall require the Designated Officials to sell any of the Bonds if in their <br /> judgment the conditions in the bond markets shall have deteriorated from the time of adoption of <br /> this Ordinance or the sale of all or any portion of the Bonds shall for some other reason not be <br /> deemed advisable, but the Designated Officials shall have the authority to sell the Bonds in any <br /> event so long as the limitations set forth in this Ordinance and the conditions of this Section shall <br /> have been met. As a further exercise of this authority,the Designated Officials may sell the Bonds <br /> in more than one series; and, in such event, shall be authorized to change the name of the Bonds <br /> for each such series so that such series may properly be identified separately. Further, in such <br /> event,the provisions for registration,redemption and exchange of Bonds shall be read as applying <br /> to Bonds only of each series,respectively, and not as between series. Upon the sale of any Bonds, <br /> the Designated Officials and any other officers of the City as shall be appropriate, shall be and are <br /> hereby authorized and directed to approve or execute, or both, such documents of sale of such <br /> Bonds as may be necessary, including, without limitation, the Bond Notification therefor, <br /> -25- <br />