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detarmined by tb~ City (except that if less than all of the B~nds of a ma ~turity of such issue are called for redemption, the particular Bc~ds of such maturity of such issue to be redesmed shall be selected by lot), upon pa]~/lt of the principal amount of the tR]nds to be redeemed together wi*~h t_he interest accrued thereon to the date fixed for redemption plus a pre,luau of one-half of one percent of the principal amount of each Bond to be redeemed for each six month period or fraction thereof between the date fixed for redsmption and the stated maturity date of such B~nd, such pr~li~u in any event not to exceed three percent of such principal amount o The General Obligation Bonds are to be issued for the purpose of providing funds to pay the cost of various public improvement projects. The full faith and credit of the City shall be pledged to the payment of the principal of and interest on such Bonds as the sa~e beccme due. For the paymant of such principal and interest, the City has power rand will be obligated to 1levy ad valor~u taxes without limitation as to rate or a~ount on all the property subject to taxation by the City. The Public utility Bonds are to issued for the purpose of providing funds to pay the cost of capital improvements, extensions and additions to the City's revenue-producing water and sewerage system. The full faith and credit of the City shall be pledged to the principal of and interest on such bends. ~he principal of and interest on the Public Utility Bonds shall be payable frc~ ad valor~a taxes without limitation of rate or amount, if the revenues of the undertaking consisting of the w~ter and sewerage syst~u of the City are Lusufficient for that purpose. Bidders shall specify the rate or rates of interest per annum to be borne by the Bonds, to be expressed in multiples of one-eighth or ~ twentieth of one percent. Bidders s~ll not be restricted ~s to the number of rates which may be named but the difference bst~¢een the highest and the lowest interest rates specified shall not exceed two percent. All Bonds of both issues maturir~ on the same date n~st bear interest at t_he same s~ngle rate frcm their date to such maturity date, which single rate of interest shall be represented by a single coupon. Unless all proposals are rejected the Ronds %fii1 he awarded on October 27, 1977, to the responsible bidder offering to purchase the Bonds at the lC~est cost to the City, to be cc~uted by determining the interest to maturity at the rate or rates specified by the bidder and deducting therefrc~ any premium offered, kb bid will be considered for less than all of the Bonds of beth issues} or for a price less than par and accrued interest fr(~u 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 er informalities in a~ny bid. 11