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Bids will be accepted on a flat basis, with no requirement of payment of accrued interest and bidders shall state separately the premium, if any, and the rate of interest offered for said bonds. Any premium offered will not be taken into consideration in determining the best bid excerpt for tile purpose of breakihg a tie between two bids stating tho samu net interest cost. ~. bi,~der may off~n~ ~ premium, but such premium will be payable only ;if s{~ch premium is used to break a tie between that bid and ucme o~hcr bid ~r Dids stating the same net interes~ cost. Each bid shall be for the entire amount of the bonds to be issued at a single rate of interest, and any bids for.less than the entire .. amount of said securities or for varying rates of interest will be re- jected. No bid will be considered for less than ninety six (96%).percent of par. Any discount will be based on and considered only as it ~elates to bonds actually issued. PAYMENT. Said bonds and the interest thereon are payable in lawful money of the United States of America at the office of the Ci~ LEGAL OPINION. The unqualified opinion of F, Mackenzie Brown, Attorney{ approving the validity of said bonds will be furnished to the success- ful bidder upon delivery of the securities at the expense of the City, The cost of printing securities will be'paid by the City and will be payable by the successful bidder. SECURITY DEPOSIT. A certified or cashier's check for a sum of ~5,000.00 payable to the order of said city must accompany every bid as a guaranty..,~' that the bidder, if successful, will accept and pay for the securities described in the accepted bid in accordance with the terms of his bid, and said check shall remain in the possession of the City Council until payment for said securities has been received, The City Council reserve~ the right to reject any and all bids The City Council also reseryes the right to disregard insubstantial irregularities and technical defects in bids. AWARD. The bonds will be sold for cash only. All bids must be for not less than all of the bonds hereby offered for sale. Each bidder should state in his bid the total net interest cost in dollars'and the average net interest rate determined thereby, which shall be considered informa- tive only and not a part of the bid, For purpose of this computation, bidders are to assume that the maximum aggregate amount of bonds shall be issued. The City will consider making an action on award on the bonds or rejecti~ all bids at the next regular.meeting of the City Council following the opening of the bids; however, the award may be made after the expiration of the specified time if the bidder shall not have given to said City Council notice in writing of the withdrawal of such proposal. DELIVERY OF SECURITIES. Delivery of said bonds shall be made to the successful bidder at the City Hall, or at any other place agreed upon by the City and the successful bidder. Payment shall be made in oash or Federal Reserve Bank funds. .' TAX EXEMPT STATUS. At any time before the bonds are tendered for de- li%cry, 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 tax- able by the terms of any federal income tax law enacted subsequent to the date of this notice. NO LITIGATION CERTIFICATE. At the time of payment for and delivery of said bonds the City will furnish the successful bidder a certifioate that there is no litigation pending affecting the validity of the bonds and certificates.