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<br />of the issue must not exceed the basic rate of interest payable <br />on other bonds of the same or subsequent maturities. <br /> <br />ANARD <br /> <br />Award will be made on the basis of lowest dollar interest <br />cost, determined by addition of any discount to and deduction of <br />any premium from the total interest on all bonds from their date <br />to their stated maturity. The net effective average rate of the <br />issue may not exceed 7% per annum. <br /> <br />The issuer reserves the right to reject any and all bids, to <br />waive informalities, and to adjourn the sale. <br /> <br />Dated: September 19, 1977. <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br />James F. Andre <br />Ci ty r-Ianager <br /> <br />Additional information may be obtained from: <br /> <br />PETERSON, POPOVICH, KNUTSON & FLYNN <br />City Bond Consultants <br />314 Minnesota Building <br />St. Paul, I1innesota 55101 <br />Telephone: 1-612-222-5515 <br />