ROCKVILLE                                         2407

(d)   The mayor and council may, in accordance with the procedure set forth in
this section, issue and sell bonds payable as to principal and interest solely from
the revenues of one or more revenue-producing projects of the city, which bonds
shall not constitute an indebtedness to which the full faith and credit or taxing
power of the city are pledged.

(e)     The mayor and council shall not authorize the issuance of any tax
anticipation notes maturing later than eighteen months from their respective dates
of issue, nor the issuance of any general obligation or revenue bonds maturing later
than forty years from their respective dates of issue.

(f)   The mayor and council in its discretion may sell any bonds, whose issuance
is authorized by this section, by private negotiation, provided [the terms of such
sale by private negotiation are more favorable to the city than any of the
competitive bids received] (I) THE CITY RECEIVES THE WRITTEN
OPINION OF A FINANCIAL ADVISOR (AN INDIVIDUAL FIRM OR
CORPORATION HAVING A NATION-WIDE AND FAVORABLE REPUTE
FOR SKILL AND EXPERIENCE IN SUCH MATTERS) APPOINTED BY
THE MAYOR AND COUNCIL TO THE EFFECT THAT THE TERMS OF
SUCH SALE ARE FAIR AND CONSISTENT WITH THEN CURRENT
MARKET CONDITIONS, AND (II) IN THE EVENT SUCH BONDS HAVE
BEEN PUBLICLY OFFERED, SUCH BONDS SHALL NOT BE SOLD BY
PRIVATE NEGOTIATION WITHIN A PERIOD OF SIXTY (60) DAYS
FOLLOWING THE REJECTION OF BIDS RECEIVED AT A PUBLIC
OFFERING ON TERMS LESS FAVORABLE TO THE CITY THAN ANY
OF THE COMPETITIVE BIDS RECEIVED AT SUCH PUBLIC OFFERING.
Whether such bonds are sold upon competitive bids or by such private sale, the
sale may not be for less than the par or face value of such bonds.

(G) THE MAYOR AND COUNCIL OF ROCKVILLE SHALL HAVE THE
POWER TO CONVEY OR ASSIGN ITS PROPERTY (INCLUDING,
WITHOUT LIMITATION, MORTGAGING OR CREATING ANY
SECURITY INTEREST THEREIN) AS ADDITIONAL OR SOLE
SECURITY FOR THE PAYMENT OF ITS OBLIGATIONS (WHETHER
GENERAL OBLIGATIONS, LIMITED OR SPECIAL OBLIGATIONS,
OBLIGATIONS PAYABLE ONLY FROM DESIGNATED SOURCES OR
FUNDS, OR ANY OTHER FORMS OF OBLIGATIONS) INCURRED TO
FINANCE (WHETHER DIRECTLY OR BY REIMBURSEMENT OF CITY
FUNDS PREVIOUSLY EXPENDED FOR SUCH PURPOSE) THE (1)
ACQUISITION OF THE PROPERTY SO CONVEYED OR ASSIGNED, (2)
THE CONSTRUCTION OF ANY PUBLIC FACILITIES ON SUCH
PROPERTY, (3) THE DEVELOPMENT OF SUCH PROPERTY
INCLUDING (WITHOUT LIMITATION) GRADING, ROAD
CONSTRUCTION, AND INSTALLATION OF WATER, SEWERS, AND
OTHER UTILITIES, TO PROVIDE SITES FOR INDUSTRIAL AND
COMMERCIAL EXPANSION AND (4) ANY COMBINATION OF (1), (2),
AND (3), PROVIDED, HOWEVER, THAT (I) SUCH PROPERTY WAS OR
IS TO BE ACQUIRED FOR A PUBLIC PURPOSE, INCLUDING
(WITHOUT LIMITATIONS) RECREATIONAL FACILITIES OR THE
DEVELOPMENT OF SITES TO PROMOTE INDUSTRIAL OR
COMMERCIAL EXPANSION, AND (II) THE PROCEDURE PRESCRIBED
BY THIS SECTION 48-29 TO AUTHORIZE THE BORROWING OF
MONEY SHALL BE FOLLOWED, AND (III) THE ORDINANCE
AUTHORIZING SUCH CONVEYANCE OR ASSIGNMENT SHALL BE
ADOPTED AFTER A PUBLIC HEARING THEREON HELD NOT LESS
THAN 10 DAYS AFTER THE FIRST PUBLICATION OF NOTICE OF
SUCH HEARING IN A NEWSPAPER OF GENERAL CIRCULATION IN
THE CITY OF ROCKVILLE.