Construction of Additions and Improvements to the Sewage Works Bonds

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rate of interest thereon, the maturities thereof, the purpose for which the bonds are being issued, the terms and conditions upon which bids will be received and the sale made, and such other information as the City Controller and the attorneys employed by the City shall deem advisable and as provided by the Act. Said notice shall provide, among other things, that each bid shall be accompanied by a certified or cashier's check in the amount of Ninety-Five Thousand Dollars ($95, 000) to guarantee performance on the part of the bidder, and that in the event the successful bidder shall fail or refuse to accept delivery of the Series 1989 Bonds and pay for the same within the time fixed in the notice of sale, then said check and the proceeds thereof shall be the property of the City and shall be considered as its liquidated damages on account of such default. All bids for the Series 1989 Bonds shall be sealed and shall be presented to the City Controller at her office. Bidders for said Series 1989 Bonds shall be required to name the rate or rates of interest which the Series 1989 Bonds are to bear, not exceeding the maximum rate hereinbefore fixed. Such interest rate or rates shall be in multiples of one-eighth (1/8) or one-twentieth (1/20) of one percent (1%) . Bids specifying more than one interest rate shall also specify the amount and maturities of the Series 1989 Bonds bearing each rate, but all Series 1989 Bonds maturing on the same date shall bear the same interest rate. The interest rate on Series 1989 Bonds of a given maturity must be at least as great as the interest rate on Series 1989 Bonds of any earlier maturity. The Series 1989 Bonds shall be awarded by the City Controller to the highest qualified bidder who has submitted his bid in accordance with the terms of this Ordinance and the notice of sale. The highest bidder will be the one who offers the lowest net interest cost to the City, to be determined by computing the total interest on all of the Series 1989 Bonds from the date thereof to the date of maturity and deducting therefrom the premium bid, if any, or adding thereto the amount of any discount, if any. No bid for less than Ninety-Seven and Five Tenths percent (97 . 5%) of the par value of said Series 1989 Bonds, plus accrued interest at the rate or rates named to the date of delivery, shall be considered. The right to reject any and all bids shall be reserved. In the event an acceptable bid is not received on the date fixed in the notice, the City Controller shall be authorized to continue the sale from day to day for a period of not to exceed thirty (30) days without readvertisement, but during such continuation no bid shall be accepted which is lower than or equal to the highest bid offered at the advertised sale. Prior to the delivery of the Series 1989 Bonds, the City Controller shall be authorized to obtain a legal opinion as to the validity of the Series 1989 Bonds from Baker & Daniels, acting as bond counsel for the City, and to furnish such opinion to the purchaser of the Series 1989 Bonds. The fee of such bond counsel shall be considered as a part of the cost of the project on account of which the Series 1989 Bonds are issued, and shall be paid out of the proceeds of said Series 1989 Bonds. Section 9. The Series 1989 Bonds herein authorized, when fully paid for and delivered to the purchaser, shall be valid and -17-