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BID: Said bonds will be sold for cash only to the bidder whose bid in the opinion of the City Council will best serve the interests of owners of land included in the assessment district. All bids should be unconditional. Each bid must state separately the premium or discount, if any, and the rate of interest offered for said secur- ities. The highest bid will be determined by deducting the amount of the premium bid (if any) from, or by adding the amount of the discount bid (if any) to, the total amount of interest which would be paid from the date of the bonds to their respective maturity dates at the coupon rates speci- fied in the bid, and the award will be made on the basis of the lowest net interest cost. Bids shall be for all the bonds to be issued and any bids for less than the entire amount of said bonds will be rejected. The purchaser must pay accrued interest from the date of the bonds to the date of delivery. All interest will be computed on a 360-day year basis. The cost of printing the bonds will be borne by the City. DISCOUNT: NO discount may be specified which is in excess o-~ twenty-five percent (25%) of the par value of the bonds offered for sale. FORM OF BID: Ail bids must be for not less than all of the bonds and accrued interest to date of delivery, plus such premium or less such discount as is specified in the bid. Each proposal, together with bidder's check, must be enclosed in a sealed envelope addressed to the Clerk of the City Council, City of Santa Ana and endorsed "Proposal for Improvement Bonds, Assessment District No. 246, City of Santa Ana." All proposals must be delivered to the office of the financing consultant, Stone & Youngberg Municipal Financing Consultants, Inc., Suite 400, 1541 Wilshire Boulevard, Los Angeles, California 90017, prior to 11:00 o'clock A.M., on Monday, November 2, 1981. SECURITY AND DEPOSIT: A certified or cashier's check for the sum of $25,000, payable to the order of the 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 will remain in possession of the City until payment for said securities has been received. The City reserves the right to disregard insubstantial irregularities and technical defects in bids. NET INTEREST COST: Bidders are requested, but not required, to supply an estimate of the total net interest cost and the estimated net interest rate to the City on the basis of their respective bids, which shall be considered as informative only and not binding on either the bidder or the City. RIGHT OF REJECTION: The City reserves the right, in its discretion, to reject any and all bids and to waive any irregularity or informality in any bid. -5-