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30
<br />PRINCIPAL
<br />YEAR AMOUNT
<br />YEAR
<br />PRINCIPAL
<br />AMOUNT
<br />1976
<br />$150,000
<br />1986
<br />$150,000
<br />1977
<br />150,000
<br />1987
<br />150,000
<br />• 1978
<br />150,000
<br />1988
<br />150,000
<br />1979
<br />150,000
<br />1989
<br />150,000
<br />1980
<br />150,000
<br />1990
<br />150,000
<br />1981
<br />150,000
<br />1991
<br />150,000
<br />1982
<br />150,000
<br />1992
<br />150,000
<br />1983
<br />150,000
<br />1993
<br />150,000
<br />1984
<br />150,000
<br />1994
<br />150,000
<br />1985
<br />150,000
<br />1995
<br />150,000
<br />BOTH PRINCIPAL OF AND INTEREST ON SAID BONDS WILL BE PAYABLE AT THE OFFICE OF THE CITY
<br />TREASURER OF THE CITY OF CHARLOTTESVILLE, IN CHARLOTTESVILLE, VIRGINIA, OR AT THE OPTION
<br />OF THE HOLDERS OF THE BONDS AND COUPONS PERTAINING THERETO, AT THE PRINCIPAL OFFICE OF
<br />VIRGINIA NATIONAL BANK, IN CHARLOTTESVILLE, VIRGINIA, OR AT THE PRINCIPAL OFFICE OF CHEMICAL
<br />BANK, IN NEW YORK, NEW YORK. THE PROCEEDS DERIVED FROM THE SALE OF THE BONDS WILL BE USED
<br />TO PROVIDE FUNDS TO PAY THE COST OF ACQUIRING, CONSTRUCTING, RECONSTRUCTING, IMPROVING,
<br />EXTENDING, ENLARGING AND EQUIPPING VARIOUS PUBLIC IMPROVEMENT PROJECTS OF THE CITY. THE
<br />FULL FAITH AND CREDIT OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, ARE PLEDGED TO THE PAYMENT
<br />OF THE PRINCIPAL OF AND INTEREST ON THE BONDS AND THE CITY IS AUTHORIZED AND REQUIRED TO LEVY
<br />A TAX ON ALL THE TAXABLE PROPERTY OF THE CITY, WITHOUT LIMITATION AS TO RATE OR AMOUNT,
<br />SUFFICIENT TO PROVIDE FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS AS THE
<br />SAME BECOME DUE AND PAYABLE.
<br />BIDDERS SHALL SPECIFY THE RATE OR RATES OF INTEREST WHICH THE BONDS ARE TO BEAR, TO
<br />BE EXPRESSED IN MULTIPLES OF 1/20 OR 1/8 OF 1% WITH NO GREATER DIFFERENCE THAT 2% BETWEEN
<br />THE HIGHEST AND LOWEST RATES OF INTEREST NAMED BY A BIDDER AND NO RATE NAMED MAY EXCEED
<br />EIGHT PER CENTUM (8%) PER ANNUM. ALL BONDS MATURING ON THE SAME DATE MUST BEAR INTEREST AT THE
<br />SAME SINGLE RATE FROM THEIR DATE TO SUCH MATURITY DATE. BIDDERS MAY NAME AN UNLIMITED
<br />NUMBER OF INTEREST RATES. ONLY ONE COUPON WILL BE ATTACHED TO EACH BOND FOR EACH INSTALLMENT
<br />OF INTEREST THEREON, AND BIDS PROVIDING FOR ADDITIONAL OR SUPPLEMENTARY COUPONS WILL BE
<br />REJECTED. NO BID WILL BE CONSIDERED FOR LESS THAN PAR AND ACCRUED INTEREST OR WHICH SPECIFIES
<br />THE USE OF A ZERO RATE OF INTEREST OR WHICH SPECIFIES THE CANCELLATION OF INTEREST COUPONS.
<br />EACH BID FOR ALL OF SAID BONDS, AND ALL BIDS MUST BE UNCONDITIONAL. THE BONDS WILL BE AWARDED
<br />TO THE BIDDER OR BIDDERS OFFERING TO PURCHASE SAID BONDS AT THE LOWEST NET INTEREST COST TO
<br />THE CITY, SUCH INTEREST COST TO BE DETERMINED BY COMPUTING THE TOTAL INTEREST TO MATURITY ON
<br />ALL OF THE BONDS AT THE RATE OR RATES SPECIFIED AND DEDUCTING THERE FROM THE PREMIUM BID,
<br />IF ANY. THE RIGHT IS RESERVED TO THE CITY TO REJECT ANY AND ALL BIDS OR TO WAIVE IRREGULARITIES
<br />IN ANY BID.
<br />EACH PROPOSAL SHALL BE ACCOMPANIED BY A CHECK IN THE SUM OF TWO PER CENT (2%), OF THE
<br />PRINCIPAL AMOUNT OF THE BONDS, CERTIFIED BY, OR A CASHIER'S CHECK OF, SOME NATIONAL OR STATE
<br />BANK OR TRUST COMPANY, PAYABLE UNCONDITIONALLY TO THE CITY OF CHARLOTTESVILLE, VIRGINIA. SUCH
<br />CHECK SHALL BE RETURNED PROMPTLY TO THE BIDDER IF HIS BID IS REJECTED. THE CHECK OF THE
<br />SUCCESSFUL BIDDER WILL BE DEPOSITED BY THE CITY TREASURER, AND WHEN THE BONDS ARE DELIVERED
<br />AND PAID FOR PURSUANT TO THE TERMS OF THE ACCEPTED BID WILL BE CONSIDERED AS PART -PAYMENT FOR
<br />SAID BONDS OR WILL BE RETAINED AS AND FOR LIQUIDATED DAMAGES IN CASE THE BIDDER FAILS TO TAKE
<br />UP AND PAY FOR THE BONDS. NO INTEREST WILL BE ALLOWED BY THE CITY ON THE AMOUNT OF SUCH CHECK.
<br />PAYMENT OF THE BALANCE OF THE PURCHASE PRICE MUST BE MADE IN NEW YORK CLEARING HOUSE FUNDS OR
<br />SUCH OTHER MONEY AS WILL BE AVAILABLE IN CHARLOTTESVILLE, VIRGINIA, BY NO LATER THAN THE DAY
<br />FOLLOWING THE DAY OF DELIVERY OF AND PAYMENT FOR THE BONDS.
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