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Purchaser as set forth in (b)may be selected through the utilization of Baird, as placement agent, <br /> if, after consultation with Speer, the use of such placement agent is determined by the Designated <br /> Officials to be in the best interests of the City, as set forth in the applicable Bond Notification. In <br /> the event that a Purchaser of a series of Bonds is selected through the utilization of Baird as <br /> placement agent, the execution of a standard form of placement agent agreement between the City <br /> and Baird is hereby approved and authorized. <br /> "Refunded Bonds" means those Prior Bonds actually selected to be refunded pursuant to <br /> the Escrow Agreement or the deposit with the Prior Paying Agent. <br /> "Tax-Exempt" means, with respect to the Bonds, the status of interest paid and received <br /> thereon as excludable from the gross income of the owners thereof under the Code for federal <br /> income tax purposes. <br /> "Term Bonds" means Bonds subject to mandatory redemption and designated as term <br /> bonds in the Bond Notification. <br /> "Treasurer"means the Treasurer of the City. <br /> Section 2. Incorporation of Preambles. The Council hereby finds that all of the recitals <br /> contained in the preambles to this Ordinance are true, correct and complete and does incorporate <br /> them into this Ordinance by this reference. <br /> Section 3. Determination to Issue Bonds. It is necessary and desirable to provide for the <br /> Refunding and undertake the Project, to pay all related costs and expenses incidental thereto, and <br /> to borrow money and issue the Bonds for one or both of such purposes. It is hereby found and <br /> determined that such borrowing of money is necessary for the welfare of the government and <br /> affairs of the City, is for a proper public purpose or purposes and is in the public interest, and is <br /> authorized pursuant to the Act; and these findings and determinations shall be deemed conclusive. <br /> -7- <br />