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SECTION 3. SERIES 1988 BONDS <br />3.1. Authorization of Series 1988 Bonds. <br />Pursuant to the authority of Oregon Revised Statutes Sections <br />X88.885 tv 288.'945, the Council hereby authorizes and directs the <br />issuance of its interest bearing Airport Revenue Bands, Series <br />1988, in the aggregate principal amount of not more than Eight <br />Million one Hundred Seventy Thousand Dollars~~$8,170,000} the <br />"Series 1988 Bonds"}. The Series 1988 Bonds shall be in <br />registered form and shall mature on the dates and in the amounts <br />determined.by the City Manager or the City Manager's designee <br />over a period of not less than 15 years .nor more than 25 years, <br />with the first principal payment due no later than five years <br />after the Series 1988 Bonds are issued, and with substantially <br />level debt service during the years in which principal is due. <br />3.2. Sale of Series 1988 Bonds; Establishment of <br />Final Bond Terms; Official Statement. The City Manager or the <br />City Manager's designee ~~may neg~ot~ate the sale of the Series 1988 <br />Bonds, on behalf of the City. The City Manager or the City <br />Manager's designee may, without additional Council approval: <br />~a} establish the dated date, maturity dates, <br />maturity amounts, aggregate principal amount, denominations <br />and interest payment dates for the Series 1988 Bands; <br />fib} establish the dates and terms under which the <br />Series 1988 Bonds shall be subject to redemption; <br />~c} establish the rate of interest which each <br />maturity of Series 1988 Bonds shall bear; <br />~d} establish the terms under which the Series 1985 <br />Bonds are sold to their initial purchaser, and execute, an <br />behalf of the City, a purchase agreement for the Series 1988 <br />Bonds; and <br />fie} take any action necessary to issue, sell and <br />deliver the Series 1988 Bonds in accordance with this <br />ordinance. <br />The City Manager or the City Manager's designee shall report the <br />results of the sale of the Series 1988 Bonds to the Council <br />promptly. The City Manager or the City Manager's designee is <br />hereby authorized to prepare and distribute, on behalf of the <br />City, preliminary and final official statements for the Bonds. <br />3.3. Disposition of Proceeds. Accrued interest <br />on the Series 1988 Bonds shall~be transferred to the Trustee and <br />credited to the Debt Service Account. Any amounts of Series 1988 <br />Bond proceeds which will be used to pay capitalized interest on <br />Page 18 - Ordinance <br />