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property of the City and shall be considered as its liquidated damages <br />on account of such default. <br />All bids for said bonds shall be sealed and shall be <br />presented to the Controller at his office. Bidders for said bonds shall <br />be required to name the rate or rates of interest which the bonds are <br />to bear, not exceeding the maximum rate hereinbefore fixed. Such in- <br />terest rate or rates shall be in multiples of one - eighth (1/8) or <br />one -tenth (1 /10) of one per cent (I%), and not more than four (4) <br />different interest rates shall be named by each bidder. Bids specify- <br />ing more than one interest rate shall also specify the amount and matur- <br />ities of the bonds bearing each rate, but all bonds maturing on the same <br />date shall bear the same single coupon rate, and the difference between <br />the highest and lowest rate shall not exceed 2%. The interest due on any <br />bond on any interest payment date shall be represented by a single inter- <br />est coupon. The bonds shall be awarded by the City Controller to the <br />highest qualified bidder who has submitted his bid in accordance with the <br />terms of this ordinance and the notice of sale. The highest bidder will be <br />the one who offers the lowest net interest cost to the City, to be determined <br />by computing the total interest on all of the bonds to their maturities and <br />deducting therefrom the premium bid, if any. No bid for less than the <br />par value of said bonds, including accrued interest to the date of delivery, <br />shall be considered. The right to reject any and all bids shall be reserved. <br />In the event an acceptable bid is not received on the date fixed in the notice, <br />the City Controller shall be authorized to continue the sale from day to day <br />for a period of not to exceed thirty (30) days without readvertisement, but <br />during such continuation no bid shall be accepted which is lower than the <br />highest bid offered at the advertised sale. <br />Prior to the delivery of said bonds, the City Controller <br />shall be authorized to obtain a legal opinion as to the validity of the bonds <br />from Ice Miller Donadio & Ryan, acting as bond counsel for the City, and <br />to furnish such opinion to the purchasers of the bonds. The fee of such <br />- 12 - <br />