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The Public utility Bonds are to be issued for the purpose of prO- viding funds to pay %he cost of capital improvements, extensions and additions to the City's revenue-producing wa~er and sewerage system. The full faith and credit of the City shall be pledged to the principal of and interest on such ~onds as the s~e become due. For ~he payment of such principal and interest, ~he City has power and %~itl be obligated to levy ad valorem ~axes without l~mitation of rate or a~Dunt upon all prope~ within the City subject to taxation by the City, if the revenues of the undertaking consisting of the water and sewerage system of the City are insufficient for ~hat purpose. Bidders shall specify the rate or. rates of interest per ar~um to be borne by the Bonds, to be expressed in multiples of one-eighth or one- ~wen~ieth of one percent. Bidders shall not be restricted as to number of rates which may be nar~d but the difference be~;een ~_he highest and the lc~est interest rates specified shall not exceed t~ percent in coupon rate~ Ail Bonds of both issues maturing on the s~e date must bear interest at the sam~ 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 rejecte~ the Bonds will be awarded on June 17, 1980 to the responsible bidder offering to purchase the Bonds at the lowest cost to the City, to be cc~putod by deter~ining interest to maturity at the rate or rates specified by the bidder and deducting %herefrc~ any pr~mi~n offered. ~ bid will be considered for less than all of the Bonds of bo~h issues, or for a price less than par and accrued interest from the date of the Bonds to the date of their de!iver~. The right is reserved to re~ec~ any and all bids or %o %raive any irreqalarities or informalities in any bid. Proposals must be unconditional, mus~ be on the City's proposal fo~ prepared for the purpose, imlSt be submitted in sealed envelopes marked "Proposal for City of Portsr-~Duth,~ Virginia, BOnds" addressed to the %~ndersigned and must be accompanied by a certified or b~nk cashier's check in ~he amount of $240,000 p~3able to the order of the City of Portsmouth, Virginia, as a guarantee of good faith on the part o~ the bidder. ~ interest will be paid by the City on said good faith deposit. . Goc~l faith ch~cks of unsuccessful bidders will be promptly returned to the representatives thereof. Ti~e 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 wi~h its bid. The Bonds will be printed at the expense of the City. Delivery Of the Bonds, properly e~cuted, and the usual closing papers, including a certificate that no litigation is pending affecting the validity of the BOnds, %.~11 be made to the successful'bidder in New York, New York, on July 2, 1980, or as soon ~hereafber as ~he Bonds may be prepared. Payment of the balance of the purchase price, including any premi%~ offered, must be made in Federal Funds. 11