Authorizing the Issuance and Sale of Bonds Purpose of Providing Funds to be Applied cost of Construction, Reconstruction and improvement of Streets Approximate Amount $1,000,000.00

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the last of said publications. Said bond sale notice shall state the time and place of sale, the purpose for which the bonds are being issued, the total amount thereof, the maximum rate of interest thereon, the time and place of payment, the terms and conditions on which bids will be received and sale made, and such other informa- tion as the City Controller shall deem necessary. All bids for said bonds shall be sealed and shall be pre- sented to the City Controller at his office, and said Controller shall continue to receive all bids offered until the time designated on the day fixed in the bond sale notice, at which time and place he shall open and consider said bids. Bidders for said bonds shall be required to name the rate of interest which the bonds are to bear, not exceeding three per cent (37o) per annum, and such interest rate shall be in multiples of one - eighth (1/8) of one per cent (1%), and not more than one interest rate shall be named by each bidder. The Controller shall award the bonds to the highest responsible and qualified bidder. The highest bidder shall be the one who offers the lowest net interest cost to the City to be determined by com- puting the total interest on all of the bonds to their maturities and deducting therefrom thepremium bid, if any. No bid for less than the par value of said bonds, including accrued interest at the rate named to the,date of delivery, shall be considered. The Controller shall have full right to reject any and all bids. In the event no acceptable bid is received at the time fixed in said notice for the sale of said bonds, the Controller shall be authorized to continue to receive bids from day to thereafter for a period of not to exceed thirty (30) days, without readvertising, but during such continuation no bid shall be accepted which is lower than the highest bid received at the time fixed for such sale in the bond sale notice.