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<br />The faith and credit of the City are pledged to the payment of the bonds a~d the <br />City is authorized and required to levy on all real property taxable by the City such ad <br />valorem taxes as may be necessary to pay the bonds and the interest thereon without <br />limitation as to rate or amount. <br />Bidders are invited to name the rate or rates of interest which the bonds are to <br />bear, which rate or rates must be in a multiple or multiples~> of one-tenth or one-eighth <br />of one per centum. No more than two rates may be named for the bonds, and all bonds <br />maturing at the same date must bear interest at the same rate; and each rate of interest <br />named must be for consecutive maturities and cannot be repeated; however, no rate may <br />exceed six per centum per annum. Each proposal submitted must offer a price which is not <br />less than par and accrued interest. <br />Unless all proposals are rejected the bonds will be awarded to the bidder whose <br />proposal results in the lowest net interest cost to the City determined by computing the <br />aggregate amount of interest payable on the bonds from their date to their respective <br />maturities and deducting from such aggregate amount the premium Offered, if any. In <br />addi tion to the price bid the purchaser must paJr accrued interest from the date of the bonds <br />to the date of payment of the purchase price. <br />No bid for less than all of the bonds offered will be entertained.. <br />Each proposal must be unconditional and must be accompanied by a certified. or <br />bank cashier IS or bank treasurer's check or checks for $44,000, drawn upon an incorporated <br />bank or trust compaIW and payable to the City of Martinsville to secure the City age.inst <br />arw loss resulting from failure of the bidder to comply with the terms of his proposal.. <br />The check or checks of the bidder whose proposal is accepted will be deposited by the City <br />and credited to the purchase price and no interest will be allowed thereon. The proceeds <br />of the check or checks will be retained by the City as liquidated damages in case the <br />bidder fails to accept delivery of and pay for the bonds. Checks of unsuccessful bidders <br />will be returned upon the award of the bonds. <br />Immediately following the time all proposals are to be received and opened, the <br />State Commission on Local Debt of the Commonwealth of Virginia will open the same and <br />ascertain the amount of each proposal and the name or the names of the person 0:' persons <br />making the same, and will ascertain the best bid in accordance with the terms hereof and <br />certify the same to the Council of the City of Martinsville; and the representatives of the <br />Council of the City of Martinsville will be present for the purpose of acting upon the <br />recomnendation of the State Conunission on Local Debt as to the best bid; and the Council <br />will cause such bonds to be prepared, executed, and delivered to the successful bidder. <br /> <br />- 2 - <br />