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the City, to execute the Loan Agreement in substantially the <br />form hereby approved, with such non-substantive changes <br />therein as the officers executing the same may approve, such <br />approval to be conclusively evidenced by the execution and <br />delivery thereof. <br /> <br /> Section 7. Purchase Contract. The form of Bond <br />Purchase Agreement (the "Purchase Contract") for the <br />purchase of the Bonds as presented to this meeting by Drexel <br />Burnham Lambert Incorporated, as underwriter, and the sale <br />of the Bonds pursuant thereto upon the terms and conditions <br />set forth therein is hereby approved and, subject to such <br />approval and subjee~ to the provisions of Section 8 hereof, <br />the Mayor, or the Mayor's designee, is hereby authorized and <br />directed to evidence the City's acceptance of the offer made <br />by said Purchase Contract by executing and delivering said <br />Purchase Contract in said form with such non-substantive <br />changes therein as the officer executing the same may <br />approve and such matters as are authorized by Section 8 <br />hereof, such approval to be conclusively evidenced by the <br />execution and delivery thereof. <br /> <br /> Section 8. Mayor or Designee Authorized to <br />Establish Final Terms of Sale of Bonds. The Mayor, or the <br />Mayor's designee, based on such advice of the staff to the <br />City ("Staff") and bond counsel, as he may deem necessary, <br />is hereby authorized and directed to act on behalf of the <br />City Council to establish and determine (i) the final <br />principal amount of the Bonds, which amount shall not exceed <br />$5,950,000; (ii). the initial interest rate on the Bonds, <br />which rate shall not exceed 12% per annum; (iii) the <br />underwriter's discount for the purchase of the Bonds, which <br />amount shall not exceed 3.0% of the principal amount of the <br />Bonds, and (iv) such other matters as may relate to the <br />final terms and provisions for the sale of the Bonds as may <br />be consistent with the Indenture. The Mayor, or the Mayor's <br />designee, upon the determination of such matters, is further <br />authorized and directed, in and for the name of the City, to <br />execute any supplements or amendments to the Purchase <br />Contract as, based on such advice, may be necessary to <br />include such matters as so determined to be a part of the <br />Purchase Contract. <br /> <br /> Section 9. Requisitions. The Mayor is hereby <br />authorized and directed to execute one or more requisitions <br />authorizing the.Trustee to pay the cost of issuing the Bonds <br />from the proceeds of the Bonds pursuant to the Indenture. <br /> <br /> Section 10. Other Acts. The officers of the City <br />are hereby authorized and directed, jointly and severally, <br />to do any and all things, to execute and deliver any and all <br /> <br />-3- <br /> <br /> <br />