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Section IS. Sale of Bonds. The City Manager and Treasurer of the City (the <br /> "Designated Representatives") are hereby authorized to proceed not later than the end of the <br /> current fiscal yeaz, without any further authorization or direction from the Council, to sell and <br /> deliver the Bonds upon the terms as prescribed in this Ordinance. The Bonds hereby authorized <br /> shall be executed as in this Ordinance provided as soon after the delivery of the Bond <br /> Notification as may be, and thereupon be deposited with the City Treasurer, and, after <br /> authentication thereof by the Bond Registraz, be by said Treasurer delivered to the Purchaser <br /> upon receipt of the purchase price therefor, the same being not less than 97% of the principal <br /> amount of the Bonds plus accrued interest to the date of delivery. Such sale shall be made only <br /> upon the advice (in the form of a written certificate or report) of Speer Financial, Inc., Chicago, <br /> Illinois, the City's Financial Advisor, that (i) the terms of the Bonds aze fair and reasonable in <br /> view of current conditions in the bond mazkets and (ii) the proposed sale will accomplish the <br /> refunding of the Refunded Bonds such that the City will realize a minimum net present value i <br /> savings of$1,000,000 of the debt service on the Refunded Bonds. II� <br /> Upon the sale of the Bonds, the Designated Representatives shall prepare a Notification <br /> of Sale of the Bonds, which shall include the pertinent details of sale as provided herein (the <br /> "Bond Notification"). In the Bond Notification, the Designated Representatives shall �nd and <br /> determine that the Bonds have been sold at such price and bear interest at such rates that neither <br /> the true interest cost (yield) nor the net interest rate received upon the sale of the Bonds exceed <br /> the maximum rate otherwise authorized by applicable law. The Bond Notification shall be <br /> entered into the records of the City and made available to the Council at the next regular meeting <br /> thereof; but such action sha11 be for information purposes only, and the Council shall have no <br /> right or authority at such time to approve or reject such sale as evidenced in the Bond <br /> Notification. <br /> -26- <br />