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retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid may be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or contin- ued to another date without award of the Bonds having been made. Type of Bid. Rates offered by Bidders shall be in integral multi- ples of 5/100 or 1/8 of 1%. No limitation is placed upon the number of rates which may be used. All Bonds of the same maturi- ty must bear a single uniform rate from date of issue to maturity and no rate of any maturity may be lower than the highest rate applicable to Bonds of any preceding maturities. QUALIFIED TAX-RXRMPT OBLIGATIONS The City will designate the Bonds as qualified tax-exempt obliga- tions for purposes of Section 265 (b)(3) of the Internal Revenue Code of 1986, as amended. 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 April 2, 1990 and to the price bid. The City'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, (ii) reject all bids without cause, and (iii) reject any bid which the City determines to have failed to comply with the terms herein. SETTLEIIEIft' MID 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 mutu- ally 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 City 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 of the City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchas- er's non-compliance with said terms for payment. The successful bidder, as a condition of delivery of the Bonds, shall be re- quired to deposit the Global Certificates with the Depository, which shall deposit the Global Certificates at the main office of the Fourth u.S. Federal Reserve District Bank for safekeeping. Information from Purchaser. The Purchaser will be required to provide, in a timely manner, certain information relating to the initial offering price of the Bonds necessary to compute the yield on the Bonds pursuant to the provisions of the Internal