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behalf of the Agency by a Designated Officer, each of whom acting alone is hereby authorized and directed to execute and deliver said form of Purchase Contract on behalf of the Agency. The Designated Officers are hereby authorized to make the determination whether to sell the Bonds pursuant to a competitive sale or pursuant to a negotiated sale based on which method of sale such Designated Officers believe will obtain the lowest true interest cost on the Bonds. Prior to making such determination, the Designated Officers shall consult with E. Wagner & Associates, the Agency's financial advisor. In the event the Agency determines to sell the Bonds pursuant to a negotiated sale, the Designated Officers aze hereby authorized to select the Underwriter for the Bonds. Prior to selecting the Underwriter, the Designated Officers shall consult with E. Wagner & Associates, the Agency's financial advisor. Notwithstanding the method of sale, the true interest cost on the Bonds shall not exceed 8.25%. Additionally, if the Bonds are sold pursuant to a negotiated sale, the underwriter's discount or fee (excluding original issue discount, if any) for the Bonds shall not exceed 1.00% of the principal amount of the Bonds. A negotiated sale of the Bonds shall be accomplished pursuant to the authority provided in Section 5903 of the California Government Code. Section 3. Notice of Intention. In the event the Agency determines to sell the Bonds pursuant to a competitive sale, the Secretary shall cause a copy of a Notice of Intention to Sell Bonds to be published once not less than fifteen (15) days prior to the date of public sale of the Bonds in The Bond Buyer. The Secretary shall also cause a copy of such Notice to be published once not less than five (5) days prior to the date of public sale of the Bonds, in The Daily Review, or any other official newspaper of the City. The publication of such notice substantially in the form on file with the Secretary is hereby approved. Section 4. Official Statement. The preliminary Official Statement describing the Bonds on file with the Secretary is hereby approved for distribution by E. Wagner & Associates, Inc., the Financial Advisor to the Agency, to municipal bond broker-dealers, to banking institutions and to members of the general public who may be interested in purchasing the Bonds. The Executive Director and the Treasurer are authorized to approve, upon advice of the Agency's Disclosure Counsel, modifications to the preliminary Official Statement, from time to time, pending such distribution as shall be required to cause the preliminary Official Statement to contain any further information necessary to accurately describe the Bonds. With respect to the distribution of the preliminary Official Statement, the Executive Director and the Treasurer aze authorized and directed, on behalf of the Agency, to deem the preliminary Official Statement "final" pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934 (the "Rule"). The final Official Statement, which shall include such changes and additions thereto deemed advisable by the Executive Director and upon advice of the Agency's Disclosure Counsel, and such information permitted to be excluded from the Preliminary Official Statement pursuant to the Rule, is hereby approved for delivery to the purchasers of the Bonds, and the Executive Director, the Treasurer and their designee are authorized and directed to execute the fmal Official Statement for and on behalf of the Agency and the Executive Director is authorized and directed to deliver to the purchaser of the Bonds (i) a certificate with respect to the RESOLUTION N0.2009-024 RDA 3