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The General Obligation bonds are to be issued for ~le purpose of providing fun~s to pay the cost of ~arious public improv.ement 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 same become due. For the payment of such principal and inter- est, the City has power and will be obligated to levy ad valorem taxes without limitation as to rate or amount on all the property subject to taxation by the City. The Public utility Bonds are to be issued for the purpose of providing funds to pay the cost of capital improvements, exten- sions and additions to the City's revenue-producing water and S~werage sys~em. The full faith and credit of the City shall be pledged to the principal of and. interest on such bonds. The prin- cipal of and interest on the Public Utility Bonds shall be payable from ad valorem taxes without limitation of rate or amount, if the revenues of the undertaking consisting of the water and sewerage system of the City are insufficient for that purpose. Bidders shall specify the rate or rates of interest per an- num to be borne by the Bonds, to be expressed in multiples of one-eighth or one-twentieth of one percent. Bidders shall not be restricted as to the number of rates which may be named but the difference bet%~een the highest and the lowest interest rates specified shall not exceed t%~o percent. All Bonds of both issues maturin9 on the same date must bear interest at the same single rate from their date to such maturity date, ~Aich single rate of interest shall be represented by a single coupon. U~less all pro- posals are rejected the Bonds will be awarded on October 27, 1977, to the responsibls bidder offering to purchase the Bon~s at the lowest cost to the City, to be computed by dete-~mining the inter- est to maturity at the rate or rates-specified by the bi~der and deducting therefrom any premium offered. No bid will be consider- ed for less than all of the Bonds of both issues or for a price less than par and accrued interest from the ~ate 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, must be on the City's pro- posal form prepared for the purpose, must be submitted in sealed envelopes marked "Proposal for City of Portsmouth, Virginia, Bonds" addressed to the undersigned and must be accompanied by a certi- fied or bank cashier's check in the amount of $200,000 payable to the order of the City of Portsmouth, Virg!nia, as a guarantee of -11-