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13 - amount that portion of the principal amount thereof not to be redeemed, shall be mailed not less than thirty (30) days prior to the date fixed for redemption by first class mail to the registered holder of such Bond at his address as it appears on the books of registry kept by the Registrar for the Bonds as of the close of business on the forty-fifth (45th) day preceding the date fixed for redemption. If notice of the redemption of any Bond shall have been given as aforesaid, and payment of the principal amount of such Bond (or the portion of the principal amount thereof to be redeemed) and of the accrued interest and premium, if any, payable upon such redemption shall have been duly made or provided for, interest on such Bond shall cease from and after the date so specified for the redemption thereof. The Public Improvement Bonds are to be issued for the purpose of providing funds to pay the cost of various public improvement projects of and for the City. The full faith and credit of the City shall be pledged to the payment of the principal of and interest on such Bonds as the same become due. For the payment of such principal and interest, the City has power and will be obligated to levy ad valorem taxes without limitation of rate or amount upon all property within the City subject to taxation by the City. The Public Utility Bonds are to be issued ~or the purpose of providing funds to pay the cost of capital improvements, extensions and additions to the City's revenue-producing water and sewerage system. The full faith and credit of the City shall be pledged to the payment of the principal of and interest on such Bonds as the same become due. For the payment of such principal and interest, the City has power and will be obligated to levy ad valorem taxes without limitation of rate or ~ount upon all property within the City subject to taxation by the City, if the revenues of the undertaking consisting of the water and sewerage system of the City are insufficient for that purpose. Bidders shall specify the rate or rates of interest per annum to be borne by the Bonds, to be expressed in multiples of one-eighth (1/8) or one-twentieth (1/20) of one percent (1%). Bidders shall not be ~estricted as to the number of rates which may be named, but the difference between the highest and the lowest interest rates specified shall not exceed two percent (2%). All Bonds of both issues maturing on the s~e date must bear interest at the same single rate from thei~ date to such maturity date. Unless all proposals are rejected the Bonds will be awarded on October 29, 1985, to the responsible bidder offering to purchase the Bonds at the lowest net interest cost to the City, to be computed by determining the interest to maturity at the rate or rates specified by the bidder and deducting therefrom any premium offered. No bid will be considered for less than all of the Bonds of both issues, or for a price less than par and accrued