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<br />Type of Bid. Rates offered by Bidders shall be in integral <br />multiples of 5/100 or 1/8 of 1%. No limitation is placed upon <br />the number of rates which may be used. All Bonds of the same <br />maturity must bear a single uniform rate from date of issue to <br />maturity and no rate of any maturity may be lower than the <br />highest rate applicable to Bonds of any preceding maturities. <br /> <br />QUALIFIED TAX-EXEMPT OBLIGATIONS <br /> <br />The City will designate the Bonds as qualified tax-exempt <br />obligations for purposes of Section 265(b)(3) of the Internal <br />Revenue Code of 1986, as amended. <br /> <br />AWARD <br /> <br />The Bonds will be awarded to the Bidder offering the lowest <br />true interest cost. True interest cost shall be determined <br />for each bid by doubling the semi-annual interest rate <br />compounded semi-annually necessary to discount the debt <br />service payments from the payment dates to March 1, 1989 and <br />to the price bid. The City'S computation of the true interest <br />cost of each bid, in accordance with customary practice, will <br />be controlling. <br /> <br />The City will reserve the right to: (i) waive non-substantive <br />informalities of any bid or of matters relating to the receipt <br />of bids and award of the Bonds, (ii) reject all bids without <br />cause, and (iii) reject any bid which the City determines to <br />have failed to comply with the terms herein. <br /> <br />SETTLEMENT AND DELIVERY <br /> <br />Delivery, Payment and Ownership of the Bonds. Within 40 days <br />following the date of award of the Bonds, the Global <br />Certificates will be delivered without cost to the Purchaser <br />at a place mutually satisfactory to the City and the <br />Purchaser. On the date of settlement payment for the Bonds <br />shall be made in federal, or equivalent funds which shall be <br />received at the offices of the City or its designee not later <br />than 1:00 P.M., Central Time of the day of settlement. Except <br />as compliance with the terms of payment for the Bonds shall <br />have been made impossible by action of the City, or its <br />agents, the Purchaser shall be liable to the City for any loss <br />suffered by the City by reason of the Purchaser's non- <br />compliance with said terms for payment. The successful <br />bidder, as a condition of delivery of the Bonds, shall be <br />