5811 AUTHORIZING THE SALE, ISSUANCE AND DELIVERY OF PROJECT NOTES AND THE EXECUTION OF REQUISITION AGREEMENTS

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r � , .r � � . �' ' • Notes for purcYiase by the public from time to time in amounts which shall not exceed the aggregate loan amount or the Actual Development Cost specified in the Contract, as the case may be. Such Project Notes shall be in such principal amounts, bear such interest rates , be dated and mature, all as prescribed in this Ordinance. Section 2, a. The City Manager is hereby authorized and directed to advertise from time to time the public sale of Project Notes of the Local Issuing Agency by causing the publication of a Notice of Sale thereof in a newspaper pursuant to State Law, if required, and in The Daily Bond Buyer, a financial newspaper published in the City of New York, New York. The Notice of Sale for publication locally shall be substantially in the form of HUD-9001, which is incorporated herein by reference. The Notice of Sale to be published in The Daily Bond IIuyer may be included in a consolidated Notice of Sale. Each Notice of Sale shall be published at intervals in accordance with a schedule of advertising arranged in cooperation with the Government. Each separate issue of Project Notes advertised for sale shall be numbered in consecutive series. b. Each proposal submitted for all or a part of any series of Project Notes shall be in substantially the form of HUD-9002 , which is incorporated herein by reference, and is hereby approved by the Local Issuing Agency. Section 3 . a. The City Manager is hereby authorized and directed on each date specified in a duly published advertisement of the Notice of Sale for a series of Project Notes and at the time and place mentioned therein to receive, open and review all proposals received for the purchase of Project Notes. Upon completion of the review, the contents of all proposals shall be communicated by telephone to the Government with a recommendation for award.