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registered owner. Ini tially, the owner registered on the Ci ty I S registration books will be Kray & Co. Despite the larger authorized denomination of the City's Global Certificates, the Depository will recognize and enter on its books in the National System interests in $5,000 denominations in each Global Certificate. TERMS OF SALE Minimum Bid and Good Faith Deposit. A sealed bid for not less than $4,411,764.71 and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also pr ior to the time set for bid opening, a certified or cashier's check in the amount of $45,000 payable to the order of the City, shall have been filed with the undersigned. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The Ci ty will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Type of Bid. Rates offered by Bidders shall be in integral mul tiples of 5/100 or 1/8 of 1%. No rate for any matur i ty shall be more than 1% lower than any pr ior rate. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No interest rate on any maturity may exceed the interest rate of any subsequent maturity. AWARD The Bonds will be awarded to the Bidder offering the lowest true interest cost. True interest cost shall be determined for each bid by doubling the semi-annual interest rate compounded semi-annually necessary to discount the debt service payments from the payment dates to March 1, 1988 and to the pr ice bid. The Ci ty' s computation of the true interest cost of each bid, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (i i) reject all bids wi thou t cause, and (iii) reject any bid which the City determines to have failed to comply with the terms herein. SETTLEMENT AND DELIVERY Delivery, Payment and OWnership of the Bonds. Within 40 days following the date of award of the Bonds, the Global Certificates will be delivered without cost to the Purchaser at a place mutually satisfactory to the City and the Purchaser. On the date of settlement payment for the Bonds shall be made in federal, or equivalent funds which shall be received at the offices of the Ci ty or its designee not later than 1: 00 P. M., Central Time of the day of settlement. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action