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Each proposal must be accompanied by a certified or bank cashier's check or checks for $48,000.00 drawn upon an incorporated bank or trust company and payable to the City of Portsmouth, to secure the City against any loss resulting from the failure of the bidder to comply with the terms of his proposal° The check or checks of the bidder whose proposal is accepted.will be deposited by the City and credited on the purchase price~ No interest will be allowed thereon. The proceeds of the check or checks will be retained by the City as liquidated damages in case the bidder fails to accept delivery of and pay for the bonds° Checks of unsuccessful bidders will be returned upon the award of the bonds. The right to reject any or all of the proposals is hereby reserved. Each proposal should be enclosed in a sealed envelope, marked "Proposal for City of Portsmouth Bonds"; and should be directed to A. P. Johnson, Jr., City Manager, ?~unicipal Building, Portsmouth, Virginia. The bonds will be delivered to the purchaser at the principal office of The Chase ~nhattan Bank in the City of New York, New York, at the expense of the City of Portsmouth on April 3, 196I, or as soon thereafter as the bonds shall be ready for delivery° The usual closing papers will be furnished the successful bidde~ in- cluding a certificate that no litigation is pending in any way affecting the legality of said bonds. The approving opinion of ~{essrs. ~ood, King, Dawson & Logan of New York City will be furnished to the successful bidder~ without charge, stating that said City has power and is obligated to levy ad valorem taxes for the payment of said bonds and the interest thereon upon all property within said City, subject to taxation by said City, without limitation of rate or amount° A copy of the legal opinion, certified by the officer in whose office the original is filed, will be printed on each bond without charge to the SUCCeSsful bidder~ Representatives of the City will be present at the time when and the place where the sealed bids are publicly opened and the Council will meet at its office in Portsmouth, Virginia, at 11:30 ao m~ o'clock on March 7, 1961~ for the purpose of taking action on any recommendation made by the City M~nager with respect to the sealed bids received° Bidders submitting their bids mus~ use the bidding form which may be obtained from the undersigned° Further information will be furnished upon application to the undersigned. Ao Po Johnson, Jro City M~nager Portsmouth, Virginia -2-