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Award: The bonds shall be sold for cash only. <br />All bids must be f~ not less than all of the bonds hereby <br />offered for sale and each bid shall state that the bidder <br />offers 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 offers <br />to buy said bonds. Each bidder shall state in his bid the <br />total net interest cost in dollars and the average net <br />interest rate determined thereby, which shall be considered <br />informative only and not a part of the bid. <br /> <br /> Hi~hest Bidder: The bonds will be awarded to <br /> <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 />from the date of said bonds to the respective maturity dates <br />thereof at the coupon rate or rates specified in the bid, and <br />the award will be made on the basis of the lowest net interest <br />cost to the city. The purchaser must pay accrued interest <br />from the date of the bonds to the date of delivery. Such <br />accrued interest, if any, shall be computed on a S60-day <br />year basis. The cost of printing the bonds will be borne by <br />the city. <br /> <br /> Right of Re~ection: The city reserves the right, <br />in its discretion, to reject any and all bids and to the <br />extent not prohibited by law to waive any irregularity or <br />informality in any bid. <br /> <br />Prompt Award: The city will take action awarding <br /> <br /> <br />