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private debts, at the principal office of Virginia National Bank, in Norfolk, Virginia, or, a% the option of the holder of any Bond or coupon pertaining thereto, at the principal office of The Chase ~zgnhattan Bank (National Association), in the City of New York, New York, except that interest on any Bond while registered as to b~th principal and interest shall be paid by the City. The Bonds of each issue maturing on and after July 1, 1991, shall be subject to redemption at ~e option of the City prior ~o their maturities on or after July 1, t990, in whole at any ti~, or in part from time to ~ on any interest payment date in any order debe~mined by the City (except that if less t/nan all of the Bonds of a maturity of such issue are celled for redemption, the particular BondS of such maturity of such issue to be redeemed s-hall be select-ed by. lot), upon paym~nt of the principal amount of the Bonds to be redeemed together with the interest accrued thereon to the date fixed for redemption plus a premi~ of one-quarter of one percent (1/4 of 1%) of the principal amount of each Bond to be redeemed for each twelve (12) month period or fraction thereof between the date fixed for redemption and the stated maturity date of such Bond. The Public /nprovement Bonds. are to be issued for the purpose of providing funds %o pay the cost of various public i~provement projects. R~ne fuji faith and credit of ~le City shall be pledged to the payment of the principal of and interest on such Bonds as the s~me becc~e due. For the pa!~nt of such principal and interest, the City has p~er 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. ~ne Public Utility Bouds are to be issued for the purpose of providing fnnds to pay the cosf of capital improve/rents, extensions and additions to the City's reve~nue-pr(~ucing water and sewerage system. The full faith and credit of the City shall be pledged to the principal of and interest on suc~h Bonds as the same become due. For the' payment of such principal and interest, the City has power and %~11 be obligated to levy ad valor~ taxes %~thout limitation of rate or amount upon all property within the City subject to taxation by the City, if the revenues o~ the undertaking consisting of the water and se~mrage system of the City are insufficient for that purpose. Bidders shall specify tP~ rate or rates of interest per ~ to ~e ~orne by the Bonds, to be expressed in multiples of one-ei~nhh or one-twentieth of one percent. Bidders shall not be restricted as to the number of rates which n~y be nsme~ but the difference bet~een ~he highest and the l(~est :hnterest rates specified shall not exceed two percent in coupon rate. Ail Bonds of bc4~h issues maturing on the same date ~ast bear interest at saree sinqle rate from. their date to such maturity date, %fnich single ra~e of inter~st shall be represented by a single coupon. IInless all proposals are rejected the Bonds will be awarded on June 17, 1980, to the re- sponsible bidder offering to purchase the Bonds at the l~.~est cost to the City, to be computed by determining the interest te r~turity at ~he rate or rates specified by the bidder a~d deducting therefr~ any premium offered. 10