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Said Bonds are callable upon the payment of 3% of the prin- cipal then due, and are snthorized to provide a parking lot under the provisions of the Vehicle Parking District Law of 1943, Division 18 of the Streets and Highways Code of Califorr~ia. Said Bonds are secured by and constitute a lien upon individual parcels of real property located in ssid Parking District which is located in the Northeast quarter of the Central Business District in ssi d City and is bounded by Main Street, on t~e West, Seventh Street on the North, Spurgeon Street on the East and Fourth Street on the South, and are pa~able exclusively f~om the assessments assessed against the particular parcel against which said Bond is a lien. Each Bond will be sold for cash, and for not less than the amount of the assessments represented by the Bond. Each bidder his proposal shall state/in teens of a net bid. Bonds will be awarded to the highest responsible bidder or bidders. The highest bid will be de- termined by deducting the amount of the principal of the bond from the bid amount to determine the premium bid (if any) and the highest premium bid will be determined to be the highest bid. The City reserves the right, iR its discretion, to reject any and all bids and to the extent not prohibited by law to waive any irregularity or informality in any bid. Said Bonds will be delivered ~.t the office of the City Treas- urer~ City Hall, Santa Ana, Califor~%ia. Each proposal shall be accompanied by a certified or cashier's check o~ a resDonsible bank or trust co~pany in amount of 3% of the principal amount of the pI'oposal, payable to the order of the City as a guaranty that the bidder, if successful, will accept and pay for said Bonds when the City shsll tender them f Or delivery. The proceeds of the check accompanying any accepted proposal shall be applied to the purchase 'price or, if such proposal is accepted and not performed, unless such fsilure to perfoEn shall be caused by an act or omission of the City, shall then be retained by the City. The check accompanying each unaccepted proposs1 ~ill be returned promptly.