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No bid will be considered for less %hah'-all of the Bonds of bo~h issues or for a price loss 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 bid~ or to wamve any irregularities or informalities mn any bid. Proposals must be unconditional, must be on ~he 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 under- signed and must be accompanied by a certified or bank cashier's check in the amotLnt of $240,000 payable to the order of the City of Porksmouth, Virginia, as a guarantee of good faith on the part of the bidder. No interest will be paid by the City on said good faith deposit. Good faith checks of unsuccessful bidders ~.~ill be promptly returned to the repre- sentatives 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 lio~mi-dated damages in the event the successful bidder fails to take ~p and-pay for the Bonds in accordance with its bid. ~ne Bonds will be printed at the expense of %he City. Delivery of the Bonds, properly executed, and the usual closing papers, including a certificate that no litigation is pending affecting the validity of the Bonds, will be made to %he successful bidder in Na~ York, New York, on March 13, 1980, or as soon thereafter as %he Bonds may be prepared. Pay- mant of the balance of the purchase price, inclu~ling of any premium offered, must be made in Federal Funds. It is anticipated %hat CUSIP identification numbers will be printed on the Bonds, but neither tlae failure to print any such number on any Bond nor any error or o~ssion 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 terms of its pror~osal. No CdSiP identification number shall constitute or be d. eemed %o be a pare- of any Bond or.a part of the contract evidenced thereby end no liability shall attach to the City or any of its officers or agents because of or on account of any such number or any use made thereof. All e~oenses in relation to the printing of CUSIP identification numbers on the Bonds shall be ~aid for by the City~ provided, however, %hat the CUSIP Servn_'ce Bureau charge for the assignment of said numbers shall be the responsibility of a~d shall be paid by the successful bidder for %he Bonds. 9Yne respective opinion of Messrs. Wood & Dawson approving %he validity of each issue of Bonds will be furnished the successful bidder for the Ikvnds. Each such opinion will state that the respective Bonds constitute valid and legally binding obligations of the City and that the City has power and is 11