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ATTY/RESO.0048/PFA RESO WATER REVENUE REFUNDING BONDS <br />REV: 08-07-24 MI <br />Page 3 of 6 <br />attestation by the Secretary, shall be conclusive evidence of the approval of any such <br />additions and changes. Such changes and additions shall include, without limitation, the <br />insertion in the Indenture of the final annual maturities and final aggregate principal <br />amount of the Bonds and the final annual interest rates payable with respect to the Bonds. <br />The Chairman or Vice-Chairman, acting alone, is each hereby authorized and directed to <br />execute, and the Secretary is hereby authorized and directed to attest, the final form of <br />the Indenture for and in the name and on behalf of the Authority. The Authority hereby <br />authorizes the delivery and performance of the Indenture, and the execution of the <br />Indenture by an Authorized Officer shall be conclusive evidence of the approval of any <br />such changes or additions. <br /> <br />Section 3. Approval of Related Financing Agreements. The Authority hereby <br />approves each of the following agreements required to implement the refinancing plan to <br />be accomplished by issuance of the Bonds, in substantially the respective forms on file <br />with the Secretary together with any changes therein or additions thereto deemed <br />advisable by an Authorized Officer, and the execution thereof by the Chairman or Vice- <br />Chairman shall be conclusive evidence of the approval of any such changes or additions. <br /> <br />(a) Installment Purchase Contract <br /> <br />(b) Escrow Deposit and Trust Agreement providing for the deposit and <br />investment of moneys to pay and redeem the 2013 Bonds and <br /> <br />(c) Bond Purchase Agreement. <br /> <br />The Chairman or Vice-Chairman is hereby authorized and directed for and in the <br />name and on behalf of the Authority to execute, and the Secretary is hereby authorized <br />and directed to attest the final form of each of the foregoing agreements, and such <br />execution shall be conclusive evidence of the approval of the final form thereof. <br /> <br />Section 4. Sale of Bonds. The Authority hereby approves the negotiated sale of <br />the Bonds to the Underwriter. The Bonds shall be sold upon the terms and conditions set <br />forth in the Bond Purchase Agreement. The Authority hereby delegates to an Authorized <br />Officer the authority to accept an offer from the Underwriter to purchase the Bonds, <br />provided that the Bonds shall be sold at such price and shall bear interest at such rates <br />as shall produce a minimum net present value savings to the City of at least 3% of the <br />principal component of the 2013 Installment Payments, as such savings shall be verified <br />and conclusively determined by the City’s municipal advisor (the “Minimum Savings <br />Requirement”). The maximum amount of Underwriter’s discount on the sale of the Bonds <br />shall not exceed 1.5% of the par amount of the Bonds. <br /> <br />Section 5. Official Statement. The Authority hereby approves the Official <br />Statement in the form on file with the Secretary, together with any additions thereto or <br />changes therein deemed necessary or advisable by the Authorized Officers, and hereby <br />authorizes the Authorized Officers to deem final within the meaning of Rule 15c2-12 of <br />the Securities Exchange Act of 1934 except for permitted omissions. Distribution of the <br />8.A. - Page 113 of 255 <br />741