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the date of the Bonds to the date of payment in full of the purchase price thereof. The Bonds will be awarded to the bidder or bidders offering to purchase the Bonds at the • lowest net interest cost to the City, such interest cost to be determined by computing the total interest payable on the Bonds from the date of the Bonds to their respective maturities and deducting therefrom the premium bid, if any. The right is reserved to reject any and all bids or to waive any irregularities or informalities in any bid. Each bid must be unconditional and must be accompanied by a certified or cashier's check drawn on a responsible bank and payable to the "City of Charlottesville, Virginia", in the sum equal to two percent (2%) of the principal amount of the Bonds. Such check shall be returned to the bidder if its bid is rejected. The check of the successful bidder will be deposited by the City and, when the Bonds are delivered and paid for pursuant to the terms of the accepted bid, will be applied to the purchase price of the Bonds or will be retained as liquidated damages in the event the successful bidder fails to take up and pay for the Bonds. No interest will be paid on such check or on the amount thereof. Payment of the balance of the purchase price must be in FEDERAL FUNDS. The successful bidder shall deliver written instructions to the City Manager three business days prior to the scheduled delivery of the Bonds as to the manner in • which the Bonds shall be registered at delivery, including the name and address of each registered owner, the principal amount of each maturity to be registered to such registered owner, and, if a single registered owner shall require more than one Bond of any maturity, the number and principal amount of Bonds of such maturity to be registered to such registered owner. In the absence of instruction Bonds will be registered in the name of the successful bidder. Each bid shall be enclosed in a sealed envelope marked "Bid for City of Charlottesville, Virginia, General Improvement Bonds" and should be directed to the "Council of the City of Charlottesville, Virginia, Council Chambers, City Hall, Charlottesville, Virginia 29902". The Council of the City will meet at M., Eastern Time, on , forte puipose of taking action with respect to healed bids received. The proceedings providing for the issuance of the Bonds will provide, subject to the terms and restrictions provided in such proceedings, that so long as such Bonds are outstanding the Bonds may be exchanged at the principal office of the registrar for a like aggregate principal amount of such Bonds in other authorized principal sums of • the same series, interest rate and maturity, and may be cm