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'Section 7 . Appointment of Program Administrator; Local <br /> Administrator . George K. Baum & Company, a Missouri corporation, , <br /> is hereby designated to serve in the capacity of the Program I� <br /> Administrator under and pursuant to the terms of the Adminis- <br /> tration Agreement. The Program Administrator shall evidence its <br /> acceptance of the rights, duties, responsibilities and obliga- <br /> tions as Program Administrator by its execution of the Adminis- <br /> tration Agreement. Prior to �he time that the Administration <br /> Agreement has been executed by the parties thereto, the Program <br /> Administrator designated hereby is hereby authorized and directed <br /> to take such actions as it deems necessary not inconsistent with <br /> this Ordinance to establish the Program. <br /> The Local Administrator shall be such entity which <br /> enters into the Administration Agreement with the Municipality <br /> and the Program Administrator , as shall be approved by the offi- <br /> cers of the Municipality executing the Administration Agreement . <br /> r <br /> The execution of the Administration Agreement by the officers of <br /> the Municipality shall constitute conclusive evidence of their <br /> approval of the Local Administrator. <br /> Section 8 . Certificates. For the purpose of lowering <br /> borrowing costs for Borrowers pursuant to the Program, there is <br /> hereby authorized to be issued and delivered pursuant to this <br /> Ordinance and the Administration Agreement, Certificates, the <br /> Total Proceeds of which do not exceed 25% of the principal amount <br /> of Qualified Mortgage Bonds elected not to be issued pursuant to <br /> the Election described in Section 9 hereof . The Certificates <br /> -7- <br />