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and binding general obligations of the City, and the City is <br /> obligated and required to levy taxes for the principal and <br /> .interest thereon as the same become due without limit as to <br /> rate or amount . <br /> Type of Bid - Amount <br /> Sealed bids must be mailed or delivered to the undersigned <br /> and must be received prior to the time of said meeting. Each <br /> bid must be unconditional and must be accompanied by a cashier' s <br /> or certified check or bank draft in the amount of $18,120, <br /> payable to the City Treasurer, to be retained by the City <br /> as liquidated damages if the bid is accepted and the bidder fails <br /> to comply therewith. The bid authorizing the lowest net interest <br /> cost (total interest from date of bonds to stated maturities, <br /> less any cash premium or plus any amount less than $906,000 bid <br /> for principal) will be deemed the most favorable . No oral <br /> bid and no bid of less than $888,500 for principal plus accrued <br /> interest on all of the bonds will be considered, and the City <br /> reserves the right to reject any and all bids and to waive any <br /> informality in any bid . <br /> B ER OF THF C TY C NCIL <br /> �et E. urkard <br /> City Clerk <br />