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City/Notice Inv. Bias G.O. <br /> <br />TERMS OF SALE <br /> <br /> Interes.t Rate: The maximum rate bid may not exceed <br />6 % per annum, payable annually the first year and semi- <br />annually thereafter. Each rate bid must be a multiple of 1/RO <br />of 1%. No bond shall bear more than one interest rate, and <br />all bonds of the same maturity shall bear the same rate. <br />Only one coupoD will be attached to each bond for each in- <br />stallment of interest thereon~ and bids providing for addi- <br />tional or supplemental coupons will be rejected. ~ex~ew~ <br />N~e~xxxxxxxxxx~~$~x~$~x~ The repetition <br />of any rate will not be considered the bidding of an additional <br />rate. The rate on any maturity or group of maturities shall <br />not be more than 1-1/2% higher than the interest rate on <br />any other maturity or group of maturities. <br /> <br /> Award: The bonds shall be sold for cash only. All <br />bids must be for not less than all of the bonds hereby offered <br />for sale and each bid shall state that the bidder offers par <br />and accrued interest to the date of delivery, the premium, if <br />any, and the interest rate or rates not to exceed those speci- <br />fied herein, at which the bidder offers to buy said bonds. <br />Each bidder shall state in his bid the total net interest cost <br />in dollars and the average net interest rate determined there- <br />by, which shall be considered informative only and not a part <br />of 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 pay <br /> <br /> <br />