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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 restricted 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 in coupon rats. All Bonds ~f both issues maturing on the same date must bear interest at the same single rate from this date to such maturity date, which single rate of interest shall be represented by a single coupon. Unless all proposals are rejected the Bonds will be awarded on November 23, 1982, to the responsible bidder offering to purchase the Bonds at the lowest 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 interest from the date of the Bonds to the date of their delivery. The right is reserved to reject any and all bids and to waive irregularities or informalities in any bid. Proposals must be unconditional, must be on the City's proposal form prepared for the purpose, must be submitted in sealed envelopes marked "Proposal for City of Portsmouth, Virginia, Bonds" addressed to the undersigned and must be accompanied by a certified or bank cashier's check in the amount of $600,000 payable to the order of the City of Portsmouth, Virginia, as a guarante~ of good faith on the part of the bidder. No interest will be paid by the City on such good faith deposit. Good faith checks of unsuccessful bidders will be promptly returned to the representatives thereof. The good faith check of the successful bidder will be deposited by the City and the proceeds thereof credited against the purchase price due for the Bonds upon their delivery or retained as and for liquidated damages in the event the successful bidder fails to take up and pay for the Bonds in accordance with its bid. The Bonds will be printed at the expense of the City. Delivery of the Bonds, properly executed, and of the usual closing papers, including a certificate that no litigation is pending affecting the validity of the Bonds, will be made to the successful bidder in New York, New York, on December 14, 1982, or as soon thereafter as the Bonds may be prepared. Payment of the balance of the purchase price, including any premium offered, must be made in Federal Funds. It is anticipated that CUSIP identification num- bers will be printed on the Bonds, but neither the failure to print any such number on any Bond nor any error or omis- sion with respect thereto shall constitute cause for failure or refusal by the successful bidder for the Bonds to accept delivery of and pay for the Bonds in accordance with the - 12 -