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COPY <br /> Director (or designee) to execute and deliver an agreement with said firm for its <br /> services; provided that: (a) the agreement is consistent with said firm's proposal <br /> heretofore submitted to the Board of Port Commissioners and contains terms (including <br /> those regarding compensation) no less favorable to the Board of Port Commissioners <br /> than as set forth in such proposal, and (b) any and all compensation to such firm under <br /> the agreement is payable solely from the proceeds of the 2015 Bonds. <br /> 3. The Board of Port Commissioners hereby acknowledges receipt of the <br /> proposal of the firm of Jones Hall, A Professional Law Corporation, to act as bond <br /> counsel to the Board of Port Commissioners in connection with the issuance of the <br /> 2015 Bonds. The Board of Port Commissioners hereby authorizes and directs the <br /> Executive Director (or designee) to execute and deliver an agreement with said firm for <br /> its services; provided that: (a) the agreement is consistent with said firm's proposal <br /> heretofore submitted to the Board of Port Commissioners and contains terms (including <br /> those regarding compensation) no less favorable to the Board of Port Commissioners <br /> than as set forth in such proposal, and (b) any and all compensation to such firm under <br /> the agreement is payable solely from the proceeds of the 2015 Bonds. <br /> 4. The Board of Port Commissioners hereby authorizes and directs the <br /> Executive Director to determine the method of sale of the 2015 Bonds, with such <br /> determination to be based upon his conclusion, following consultation with the financial <br /> advisor and bond counsel, that such method of sale is likely to produce the lowest net <br /> borrowing cost. <br /> If the Executive Director determines that the 2015 Bonds should be sold in a <br /> public offering: <br /> (a) The Board of Port Commissioners hereby directs the Executive <br /> Director to appoint Raymond James & Associates, Inc., as underwriter of the <br /> 2015 Bonds. The Board of Port Commissioners hereby authorizes and directs <br /> the Executive Director (or designee) to execute and deliver an agreement with <br /> said firm for its services; provided that: (i) the agreement is consistent with said <br /> Port:RS <br /> 1/28/2015 <br /> Page 2 of 4 Reso P-2262 <br /> Scanned <br />