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private debts, at the principal office of Virginia National Bank, in Norfolk, Virginia, or, at the option of tlne holder of and Bond or coupon pertaining thereto, at %he principal office of The Chase ~nnhat~%n Ba~k (National Association), in the City of New York,- New York, except that interest on any Bond while reg~istered as ho both princ~pai and interest shall be paid by the City. ~ne Bonds of each issue maturing on and after M~rch 1, 1991 shall be subject to redeKption at the option of the City prior to their stated maturities on or after M~3rch 1, 1990 in whole at any time, or in part from ti~e~ to time on any interest payment date in a~y order detezmined by the City (except that if less th~n all of the Bonds of a maturity_ of such issue are called for redemption, ~he paz~icular Bonds of such maturi~3- of such issue to be redeemed shall be selected by lot), upon payment of the principal amount of the Fonds to be redeemed together with the interest accrued thereon %o the date fixed for reder~ption plus a premi~n of one-quarter of one perce~t (1/4 of 1%) of the principal amount of each Bond to be redeemed for each ~¢elve (12) ~onth period or fraction thereof betwee~n the date fixed for redemption and the stated maturity date of such Bond. The Public /m~ro~t Bonds are to be issued for the purpose of providing funds to pay the cost of various public improvement projects. The full faith ~nd credit of the City shall be pledged to %he payment of the principal of and interest on such Bonds as the same become due. For the payment of such principal and interest, %he City has power and will be obligated to levy ad valorem taxes without limitation of rate or amount upc~ all pretty within the City subject %o taxation by the City. The Public ~lity Bonds are to be issued for the purpose of providing funds to p~y ~e cost. of capital Lmproveme~nts, extensions and ad. ditions to the C~ty's revenue-producing water and s~erage system. The full faith and credit of ~e City shall be pledged to %he principal of ~nd interest on such Bonds as the same become due. For the pala~ent of such principal and interest, the City has p~er and %~ill be obligated to levy ad va].or~ t~3~es without limitation of rate or a~ount upon all prope_ rty of the City subject to taxation by the City, if the revenues of the underrating co~isting of the water and s~erage system of the City are insufficient for that purpose. Bidders sb~ll specify the rate or rates of interest per ~nnum to be borne by the BOnds, to be expressed in mu!ti~les of one-eighth or one-twentieth of one percent. Bidders shall not be restricted as ~o %he number of rates which may be named bm~ ~he difference betwee-~ the highest ~nd the l~est interest rates specified shall not exceed ~o percent in co ~upon rate. All Bonds of bo~-h issues ma~_uring on the s~e date must bear interest at ~he same s~gle ra~e from their date to such maturity date, ~nich single rste of in%crest shall be represented kzy a single ooupon. Unless all proposals are reDected the Ronds will be awarded on February 28, t980, to the re- spons~b!e bidder offering to purchase the Ponds at %he lowest cost to ~-he City, to be co~puted by determinL~g the interest to maturity at the rate or rates specified by the bidder and deducting ~_herefrom any premium offered. 10