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5/6/74 Highest Bidder: The bonds will be awarded to the highest responsible bidder Or bidders considering the interest rate or rates specified and the premium offered, if any. The highest bid will be determined by deducting the amount of the premium bid (if any) from the total amount of interest which the City would be required to pay from the date of said bonds to the respective maturity dates thereof at the coupon rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the City. The purchaser must pay accrued interest from the date of the bonds to the date of delivery. Such accrued interest, if any, shall be computed on a 360-day year basis. The cost of printing the bonds will be borne by the City. Right of Rejection: The City reserves the right, in :ts thscret:on, to reject any and all bids and to the extent not prohibited by law to waive any irregularity or informality in any bid. Prompt Award: The City will take action awarding the bonds or rejecting all bids not later than twenty-six (26) hours after the time herein prescribed for the receipt of proposals; provided that the award may be made after the expiration of the specified time if the bidder shall not have given to the City Council notice in writing of the withdrawal of such proposal. Place of Delivery and Funds for Payment: Delivery of said bonds will be made to the successful bidder at Jeffries Banknote Company, 1330 West Pico Boulevard, Los Angeles, California, or at any other place agreeable to both the successful bidder and the City. Payment shall be in Federal Reserve Bank Funds or other funds immediately available to the City. Prompt Delivery; Cancellation for Late Delivery: It is expected that said bonds will be delivered to the successful bidder within thirty days from the date of sale thereof. The successful bidder shall have the right, at his option, to cancel the contract of purchase if the City shall fail to execute the bonds and tender them for delivery within sixty days from the date herein fixed for the receipt of bids, and in such event the successful bidder shall be entitled to the return of the check accompanying his bid. Form of Bid: Each bid, together with the bid check, must be in a sealed envelope, addressed to the City with the envelope and bid clearly marked: "PROPOSAL FOR CITY OF SANTA ANA 1962 WATER REVENUE BONDS, SERIES C." Bid Check: A certified or cashier's check on a responsible bank or trust company in the amount of $10,000, payable to the order of the City must accompany each proposal as a guaranty that the bidder, if successful, will accept and pay for said bonds in accordance with the terms of his bid. The check accompanying any accepted proposal shall be applied on the purchase price or, if such proposal is accepted but not performed, unless such failure of performance shall be caused by any act or omission of the City, shall then be cashed and the proceeds retained by the City. The check accompanying each unaccepted proposal will be returned promptly. Change in Tax Exempt Status: At any time before the bonds are tendered for delivery, the successful bidder may disaffirm and withdraw the proposal if the interest received by private holders from bonds of the same type and character shall be declared to be taxable income under present federal income tax laws, either by a ruling of the Internal Revenue Service or by a decision of any federal court, or shall be declared taxable by the terms of any federal income tax law enacted subsequent to the date of this notice. Legal Opinion: The unqualified opinion of O'Melveny & Myers, attorneys, approving the validity of said bonds will be furnished the successful bidder at or prior to the time of delivery of the bonds, at the expense of the City. A copy of such opinion, certified by an officer of the City by his facsimile signature will be printed on the back of each bond. No charge will be made to the purchaser for such printing or certification. 3