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201 respects been submitted in the proper form and in a timely manner. Defects, if any, in the form of the Proposal or in the manner of its submission are hereby waived. (b) Of all proposals submitted in response to the Detailed Notice of Sale referred to in paragraph 3, the Proposal of the Purchaser is the one offering to purchase the Bonds at the lowest "True" or "Canadian" interest cost to the City. 2. The Proposal of the Purchaser to purchase the Bonds for a purchase price equal to the principal amount thereof plus a premium of -0- Dollars ($0) and accrued interest from the date of the Bonds to the date of the payment in full of the purchase price thereof is hereby accepted. In accordance with the terms of the Proposal of the Purchaser, the Bonds shall bear interest at the rates per annum as set forth in paragraph 4. 3. Ail action taken to date by the officials of the City with respect to the sale of the Bonds, including the action of the City Manager in causing to be published on February 9, 1990 in The Bond Buyer, a financial newspaper published in the City of New York, New York, the Summary Notice of Sale, and the actions of the City Manager, the Director of Finance and other officials of the City in causing to be distributed copies of a Preliminary Official Statement relating to the Bonds, dated February 9, 1990, the Detailed Notice of Sale and a Bid Form for the submission of proposals for the purchase of the Bonds in the respective forms thereof presented at the meeting of the Council at which this resolution is being adopted and the form and contents of such Preliminary Official Statement, Summary Notice of Sale, Detailed Notice of Sale and 'Bid Form, and the details of the Bonds described therein, are hereby approved, ratified and confirmed. The City Manager and the Director of Finance of the City are hereby authorized to prepare and deliver to the Purchaser a final Official Statement relating to the Bonds, dated the date of adoption of this resolution, substantially in the form of the Preliminary Official Statement, and to execute and deliver to the Purchaser the "Certificate Concerning Official Statement" described in such final Official Statement. 4. (a) The Bonds shall be dated February 15, 1990 and shall mature serially on August 15 in the principal amount of $325,000 in each of the years 1991 through 2010, both inclusive. The Bonds maturing in each year shall bear interest from their date payable on August 15, 1990 and semiannually on each February 15 and August 15 thereafter to the maturity date thereof at the rate per annum set forth opposite such year below: Interest Year Rate 1991 8.20% 1992 8.20 1993' 7.60 1994 6.20 1995 6.20 1996 6.20 1997 6.25 1998 6.30 1999 6.40 2000 6.45 Interest Year Rate 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 6.50% 6,55 6..65 6.75 6.80 6.85 6.90 6.90 6.95 6.95 (b) The Bonds maturing on and after August 15, 2001 (or portions thereof in installments of $5,000)]Shall be subject to redemption at the oPtion of-the City prior to their stated maturities, on or after August 15, 2000, in whole at any time or in part on any interest payment date, from any moneys that may be made available for such purpose,