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TERMS OF SALE <br /> <br /> Interest Rate: The maximum rate bid may not <br />exceed 6% per annum, payable annually the first year and <br />semiannually thereafter. Each rate bid must be a multiple <br />of 1/4 of 1%. No bond shall bear more than one interest <br />rate, and all bonds of the same maturity shall bear the <br />same rate. Not more than three interest rates may be bid. <br />The repetition of any rate will not be considered the <br />bidding of an additional rate. <br /> <br /> Award: The bonds shall be sold for cash only. <br />All bids must be for not less than all of the bonds hereby <br />offered for sale and each bid shall state that the bidder <br />o~fers par and accrued interest to the date of delivery, <br />the premium, if any, and the interest rate or rates not <br />to exceed those specified herein, at which the bidder <br />offers to buy said bonds. Each bidder shall state in <br />his bid the total net interest cost in dollars and the <br />average net interest rate determined thereby, which <br />shall be considered informative only and not a part of <br />the bid. <br /> <br /> Highest Bidder: The bonds will be awarded to <br />the highest responsible bidder or bidders considering the <br />interest rate or rates specified and the premium offered, <br />if any. The highest bid will be determined by deducting <br />the amount of the premium bid (if any) from the total <br />amount of interest which the city would be required to <br /> <br /> <br />