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principal of and interest on the Bonds as the same become <br />• due. <br />Bidders shall specify the rate or rates of interest <br />per annum which the Bonds shall bear, such rate or rates to <br />be expressed in multiples of one-eighth (1/8th) or one -twentieth <br />(1/20th) of one percent (1%). Bidders are not limited as to <br />the number of rates which may be named, but the rate of <br />interest on the Bonds of each separate maturity must be the <br />same single rate for all Bonds of that maturity from the <br />date of the Bonds, to such maturity date. The difference <br />between the highest and lowest interest rates specified in <br />any bid shall not exceed percent (_%). Each interest <br />installment on the Bonds shall be represented by one coupon <br />• only. A bid for the purchase of less than the entire Bond <br />issue, or a bid at a price less than par, or which specifies <br />additional or supplemental coupons or the cancellation of <br />coupons, will not be considered. In addition to the price <br />bid for the Bonds, the successful bidder must pay accrued <br />interest from the date of the Bonds to the date of payment <br />in full of the purchase price thereof. The Bonds will be <br />awarded to the bidder or bidders offering to purchase the <br />Bonds at the lowest net interest cost to the City, such <br />interest cost to be determined by computing the total <br />interest payable on the Bonds from the date of the Bonds to <br />their respective maturities and deducting therefrom the <br />premium bid, if any. The right is reserved to reject any <br />• and all bids or to waive any irregularities or informalities <br />in any bid. <br />M -M <br />