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received upon the sale of such Bonds does not exceed the maximum rate otherwise authorized by <br /> applicable law and that the Refunding will provide net present value debt service savings to the <br /> City in an amount not less than (i) 2.50% of the par amount of the 2014 Bonds refunded by the <br /> Refunding Bonds and (ii) 2.50% of the par amount of the 2015 Bonds being refunded by the <br /> Refunding Bonds. The Designated Officials may choose all or any lesser portion of the Prior <br /> Bonds to be refunded, in such manner as will provide such savings. Nothing in this Section shall <br /> require the Designated Officials to sell any of the Bonds if in their judgment the conditions in the <br /> bond markets shall have deteriorated from the time of adoption of this Ordinance or the sale of all <br /> or any portion of the Bonds shall for some other reason not be deemed advisable, but the <br /> Designated Officials shall have the authority to sell the Bonds in any event so long as the <br /> limitations set forth in this Ordinance and the conditions of this Section shall have been met. As <br /> a further exercise of this authority, the Designated Officials may sell the Bonds in more than one <br /> series; and,in such event, shall be authorized to change the name of the Bonds for each such series <br /> so that such series may properly be identified separately. Further, in such event,the provisions for <br /> registration, redemption and exchange of Bonds shall be read as applying to Bonds only of each <br /> series, respectively, and not as between series. Upon the sale of the Bonds or any series of the <br /> Bonds, the Designated Officials and any other officers of the City as shall be appropriate, shall be <br /> and are hereby authorized and directed to approve or execute, or both, such documents of sale of <br /> the Bonds as may be necessary, including, without limitation, the Bond Notification, Preliminary <br /> Official Statement, Official Statement, Bond Purchase Contract (as hereinafter defined), and <br /> closing documents. The Designated Officials must find and determine in the Bond Notification <br /> that no person holding any office of the City either by election or appointment, is in any manner <br /> financially interested either directly, in his or her own name, or indirectly in the name of any other <br /> person, association,trust or corporation in said Bond Purchase Contract with the Purchaser for the <br /> -25- <br />