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<br />Bidders may specify a single rate of interest, expressed <br />in a multiple of five-hundredths (5/100) of one percent (1%) <br />per annum, applicable to all bonds from date of issue to maturity, <br />not exceeding seven percent (7%). <br /> <br />The bid offering the lowest net interest cost (total <br />interest from date of issuance to date of maturity, less any <br />premium offered or plus any amount less than $1,595,000 bid for <br />principal) will be deemed the most favorable. No bid for less than <br />$1,565,000 for principal plus accrued interest on $1,595,000 at the <br />coupon rate from date of issue to date of bond delivery will be <br />considered and oral auction bids will not be received. The right <br />to waive any informality in any bid and the right to reject any and <br />all bids are reserved. <br /> <br />Dated: April 27, 1970 <br /> <br />BY ORDER OF THE VILLAGE COUNCIL <br /> <br />Burke M. Raymond <br />Village Manager <br />