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redemption shall interest on such date so specified have been duly made or provided for, Bond shall cease from and after the 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 for 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 amount 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 ou 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 restuicted 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 same date must bear interest at the same single ~ate from their 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 Pates 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 interest from the date of the Bcnds to the date of their delivery. The right is ~eserved to ~e3ect any and all bids and to waive irregularities or informalities in any bid. -14-