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The Public Utility Bonds are %o be issued for the purpose of pro- riding funds to pay the cost of capital i~provements, extensions and additions to the City's revenue-producing water and sewerage system. The full faith and credit of ~_he City shall be pledged to the principal of and interest on such Bonds as the same becc~e 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 a~ount, upon all properS- within the City subject to taxa%ion by the City, if the revenues of the ~ndertaking consist_lng of the water and sewerage system of ~he 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 e~pressed in multiples of one-eighth or one- twentie~_h of one percent. 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 perce~t in coupon rate. All Bonds of both issues maturing ~n the same date must bear interest at the sar~ single rate from their 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 February 28, 1980 to the responsible bid~ter offering to purchase the bonds at ~-he lowest cost to the City, to be oomputed by determining ~e interest to mat~lrity at tb~ rate or rates ~specified by the bidder and deducting therefrom any premium offered. Ko bid vzilI be considered for less than all of the BOnds of both issnes, 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 or to waive any irregularities or informalities in any bid. Proposals must be_ unconditional, ~st be on the City's proposal form prepared for ~he puzpose, m~st be submitted in sealed envelopes marked "Proposal for City of Portsmouth, Virginia, ~nds" addressed to the %mdersi~ned ~d nmst be accompanied by a certified or bank cashier's check in the ~ou~t of $24G,000 payable to the order of %he City of Portsmouth, Virginia, as a ~c~rantee of good faith on the ~ of the bidder. No ~n~erest will be paid by the City on said good faith deposit. Good faith checks of un3uceessful bidders will be promptly returned to the representatives thereof. The good faith check of the successful bidder m~ll be deposited by the City and the proceeds thereof credited against ~he purchase price due for the Bonds upon their delivery_ or retained as and for liquidated damages ~-n the event the successful bidder fails to take up and pay for the Bonds in accordance -~ith its bid. The BOnds will be printed at the expense of the City. Delivery of the Bonds, properly executed, and the usual closing papers, including a cel-~ificate that no litigation is pending affecting the validity of the BOnds, will be made to ~he successful bidder in New York, New York, on March 13, 1980, or as soon thereafter as th~ Bonds may be prepared. Payment of ~he balance of the purchase price, including of any pr~ium offered, must be made in Federal Funds. 11