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38RESOLUTION 30 RESOLUTION DIRECTING PUBLICATION OF NOTICE OF SALE OF $1,692,000.00 WATERWORKS AND SEWER SYSTEM REFUNDING AND IMPROVEMENT REVENUE BONDS, SERIES A AND B, OF THE CITY OF EDGE - WATER, FLORIDA, DATED FEBRUARY 1, 1964. WHEREAS, the City of Edgewater, Florida, has vali- dated an issue of Waterworks and Sewer System Refunding and Improvement Revenue Bonds, Series A and B, in the sum of $1,692,000.00 for the purpose of financing the cost of con- structing a new sanitary sewerage system, including collection lines, pumping stations, force mains, treatment plant, softening unit for water treatment plant and appurtenant facilities, to be combined with the existing waterworks system of the City and operated therewith as a single utility (hereinafter referred to as the"system"), and to refund outstanding Water System Revenue Certificates of the City, dated February 1, 1958; and WHEREAS, said bonds have been validated by a decree of the Circuit Court of the Seventh Judicial Circuit in and for Volusia County, Florida, on March 26, 1964; and WHEREAS, a public sale of this issue of bonds must be advertised. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Edgewater, Florida, that: SECTION 1. $1,692,000.00 Waterworks and Sewer System Refunding and Improvement Revenue Bonds, Series A and B of the City of Edgewater, Florida, shall be offered at public sale on the 4th day of May, 1964, pursuant to the notices is hereinafter provided for. SECTION 2. The official notice of sale calling for bids for the purchase of such $1,692,000.00 Waterworks and Sewer System Refunding and Improvement Revenue Bonds, Series A and B, of the City of Edgewater, Florida, shall be substan- tially as follows: OFFICIAL NOTICE OF SALE $1,692,000.00 CITY OF EDGEWATER, FLORIDA WATERWORKS AND SEWER SYSTEM REFUNDING AND IMPROVEMENT REVENUE BONDS SERIES A AND B DATED FEBRUARY 1, 1964 The City of Edgewater, Florida (herein called the "City") invites sealed bids for the purchase from it of all or any of the hereinafter described blocks of $1,692,000.00 principal amount of Waterworks and Sewer System Refunding and Improvement Revenue Bonds, to be dated February 1, 1964 (herein called "bonds"), whichbids will be publicly opened and read at the City Hall in the City at 7:30 o'clock, P.M., Eastern Standard Time, on May 4, 1964. The bonds will consist of one thousand six hundred ninety-two coupon bonds, registfrable as to principal only, numbered from 1 upwards within each series, in the denomination of $1,000 each, and will mature in their numerical order on February 1 in the following principal amounts and years: SERIES A YEAR AMOUNT YEAR AMOUNT 1965 49,000 'TO + no 1966 9,000 1971 11,000 1967 10,000 1972 12,000 1968 10,000 1973 12,000 1969 10,000 1974 13,000 -2- YEAR AMOUNT YEAR AMOUNT 1975 $14,000 1982 $19,000 1976 14,000 1983 20,000 1977 15,000 1984 21,000 1978 16,000 1985 22,000 1979 16,000 1986 23,000 1980 17,000 1987 23,000 1981 18,000 1988 24,000 SERIES B YEAR AMOUNT YEAR AMOUNT 1969 $15,000 1985 $32,000 1970 17,000 1986 33,000 1971 19,000 1987 36,000 1972 20,000 1988 37,000 1973 20,000 1989 60,000 1974 21,000 1990 62,000 1975 22,000 1991 65,000 1976 23,000 1992 67,000 1977 24,000 1993 70,000 1978 24,000 1994 73,000 1979 26,000 1995 76,000 1980 27,000 1996 79,000 1981 28,000 1997 82,000 1982 29,000 1998 86,000 1983 30,000 1999 89,000 1984 31,000 Those of the bonds having stated maturities on Feb- ruary 1, 1970 and thereafter shall, at the option of the City, be redeemable prior to their respective dates of maturity, in whole or in part, in inverse numerical and maturity order, on February 1, 1969 or upon any interest payment date there- after, at par and accrued interest, plus the following pre- miums: 3% of the par value thereof 1£ redeemed on February 1, 1969 or thereafter, to and including February 1, 1974; 2>% of the par value thereof if redeemed on August 1, 1974 or thereafter, to and including February 1, 1979; 2% of the par value thereof if redeemed on August 1, 1979 or there- after, to and including February 1, 1984; 1i% of the par value thereof if redeemed on August 1, 1984 or thereafter, -3- to and including February 1, 1969; 1% of the par value thereof if redeemed on August 1, 1989 or thereafter, to and including February 1, 1994; without premium if redeemed on August 1, 1994, or thereafter, but prior to maturity; provided, however, that notice of such redemption shall be given in the manner provided inthe Ordinance authorizing the bonds. Interest on the bonds at a rate or rates not ex- ceeding the legal rates hereinafter specified will be pay- able on August 1, 1964, and semi-annually thereafter on February 1 and August 1 of each year. The principal of and interest on the bonds will be payable,with par clearance guaranteed, at Bank of New Smyrna, New Smyrna Beach, Florida, or, at the option of the holder, at the main office of Manu- facturers Hanover Trust Company, in the Borough of Manhattan, City and State of New York. The bonds, which will be issued to refund outstanding Water Stem Revenue Certificates of the City, dated February 1, 1958 (Series A), and (Series B) to finance the cost of constructing a new sanitary sewerage system, including collection lines, pumping stations, force mains, treatment plant, softening unit for water treatment plant and appurtenant facilities, in the City, to be combined with the existing waterworks system of the City and operated therewith as a single utility (herein called the "system"), will be payable solely from and secured by a prior lien upon and a pledge of the ret revenues derived -4- from the operation of the system of the City and the proceeds to be derived from a continuing excise tax upon the purchase of electricity, metered or bottled gas (natural, liquified petroleum gas or manufactured), and local telephone and tele- graph service within the corporate limits of the City, im- posed by the City's Ordinance No. 13, enacted January 23, 1952, pursuant to Section 167.431, Florida Statutes. The Ordinance authorizing the bonds herein offered authorizes the City to issue additional bonds secured on a parity with those offered hereby, without express limit as to principal amount but only upon compliance with the several conditions and requirements therein contained and only for the purposes therein specified. The Ordinance authorizing the bonds con- tains provisions similar to those customarily included in bond ordinances of Florida municipalities relating to bonds such as those offered hereby, including provisions requiring pay- ment of the revenues from the operation of the system and the proceeds of said utility tax into special funds created for debt service, operating and maintenance, debt service reserve, renewal and replacement of physical properties and redemption of bonds, and provisions requiring maintenance of adequate rates, annual audits and insurance on physical properties. The bonds are issued under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including particularly the Charter of the City, the same being Chapter 27532, Laws of Florida, Special -5- Acts of 1951, as amended, and other applicable provisions of law. Bids will be considered on the following bases: (1) All Series A bonds at an interest cost not greater than four and three -fourths per centum (4 3/40/) per annum7 (2) All Series B bonds maturing in the years 1969 through 1974, inclusive, at an interest cost not greater than three and seven -eighths per centum (3 7/8%) per annum; (3) All Series B bonds maturing in the years 1975 through 1979, inclusive, at an interest cost not greater than three and seven -eighths per centum (3 7/8%) per annum; (4) All Series B bonds maturing in the years 1980 through 1984, inclusive, at an interest cost not greater than three and seven -eighths per centum (3 7/8%) per annum; (5) All Series B bonds maturing in the years 1985 through 1989, inclusive, at an interest cost not greater than three and seven -eighths per centum (3 7/8%) per annum; (6) All Series B bonds maturing in the years 1990 through 1994, inclusive, at an interest cost not greater than four per centum (4%) per annum; (7) All Series B bonds maturing in the years 1995 through 1999, inclusive, at an interest cost not greater than four per centum (4%) per annum; (8) All Series B bonds, at an interest cost not greater than fourper centum (4%) per annum. Each bidder shall state in his bid (1) the dollar price he will pay for those of the bonds for which such bid is sub- mitted, which must be not less than the par value thereof, plus accrued interest thereon from February 1, 1964 to the date of delivery thereof, and (2) the annual rate or rates of interest to be borne by those of the bonds for which such bid is submitted, in multiples of 1/8 or 1/20 of 1%, subject to the following qualifications: (a) all bonds of the same series having the same maturity must bear the same rate of interest throughout their life; (b) all interest on any bond payable on any interest payment date must be evidenced by a single coupon; and (c) not more than two rates may be named for any of the above described blocks for which a separate bid is submitted, except that as many as four rates may be named in any bid submitted for all the Series B bonds. The bonds will be awarded to be bidder or bidders offering to purchase them, or a portion thereof as set forth above, at the lowest net interest cost to the City, computed from February 1, 1964, to their respective maturities; pro- vided, that the City reserves the right to reject any or all bids; and provided further, that if the same lowest net interest cost is reflected by more than one bid, the bonds or portion thereof for which such bids were made, will be awarded to the bidder offering to pay the highest dollar price therefor, that bids for the entire issue will be accorded preference over bids for individual or combined blocks, ex- cept where the sum of the bids for all of the individual and/or combined blocks results in a lower net interest cost for the entire issue, and that bids for combined blocks less than the entire issue will be accorded preference over bids for individual blocks, except where the sum of such individual -7- blocks results in a lower net interest cost for the maximum number of maturities. The lowest net interest cost will be determined by aggregating the total amount of interest pay- able on the bonds for which such bid is submitted from Feb- ruary 1, 1964, until their respective maturities, computed at the rate or rates specified in such bid, and deducting therefrom the amount of any premium reflected by such bid. For the purpose of determining the lowest bidder, calcu- lations of net interest cost will exclude the bid of the Housing and Home Finance Agency (herein called the "govern- ment"). The government has entered into a loan agreement with Edgewater, Florida, pursuant to which it proposes to buy all Series B bonds at par plus accrued interest at a 3 7/8% interest rate, providing no other bidder or bidders offer to purchase all or any block of the bonds on the terms indicated, and pursuant to which it proposes to exchange said outstanding Water System Revenue Certificates, dated February 1, 1958, now held by the government, for all Series A bonds, providing no bidder offers to purchase all of said Series A bonds on the terms indicated. The City desires to sell all the bonds. In the event the City receives block bids for less than all the specified blocks of the Series B bonds and one or more bids for the Series B bonds, then, subject to the provisions of this paragraph with respect to offers by bidders other than the government, the bonds will be awarded to the best bidder for all theSeries B bonds, even though his bid reflects an interest cost greater than Mc that reflected by one or more of the block bids. Each proposal (other than that of the government) must be accompanied by a certified check or a cashier's check in the amount of 2% of the face value of the bonds for which such bid is submitted, which check shall be payable to the order of the City and drawn on a bank having membership in the Federal Reserve System. No interest will be allowed on any such checks. The checks of the unsuccessful bidders will be returned promptly following the award of the bonds. The check or checks of the successful bidder or bidders will be retained by the City as security for the performance of the successful bid or bids and at the time the sale is con- summated will either be returned or applied on the purchase price of the bonds, at the option of the City. As soon after the award as they and the supporting documents may be prepared, the bonds will be delivered as a whole against payment therefor in bankable funds, in Atlanta, Georgia, if the government is the successful bidder for any of the Series B bonds or taking the Series A bonds by exchange; or, in the event the government is awarded no part of the bonds, in Jacksonville, Florida; or elsewhere at the pur- chaser's expense, at the option of the successful bidder or by agreement among the successful bidders. The bonds will be accompanied by the customary closing papers reciting that there is no litigation pending affecting the validity of the bonds. The City will furnish the successful bidder, without cost, the printed bonds and the legal opinion of Messrs. am Freeman, Richardson & Watson of Jacksonville, Florida, ap- proving the validity of the bonds. Under the existing statutes and court decisions, the interest on the bonds willbe exempt from Federal income taxation. No conditional bids will be considered, except that all bids will be construed as having been conditioned on the provisions of this official invitation for bids and ex- cept that the government's bid may be conditioned as afore- said. CITY OF EDGEWATER, FLORIDA By Helen W. Jones, City Clerk SECTION 3. The City Clerk of the City of Edgewater, Florida, is hereby authorized and directed to publish in the Daytona Beach News -Journal , a newspaper in general cir- culation in Edgewater, Florida, once a week for three con- secutive weeks, the first publication to be not less than twenty-one (21) days prior to the date of sale, and in The Bond Buyer, a financial newspaper of national circulation, at least once not less than fifteen (15) days prior to the date of sale, a condensed form of notice calling for bids for the purchase of said bonds in substantially the following form: NOTICE OF SALE $1,692,000.00 CITY OF EDGEWATER, FLORIDA WATERWORKS AND SEWER SYSTEM REFUNDING AND IMPROVEMENT REVENUE BONDS SERIES A AND B DATED FEBRUARY 1, 1964 -10- Sealed bids will be received by the City of Edge- water, Florida, at the City Hall in Edgewater, Florida, up to 7:30 o'clock, P.M., Eastern Standard Time on May 4, 1964, for the purchase of all or any of the hereinafter designated blocks of the City of Edgewater, Waterworks and Sewer System Refunding and Improvement Revenue Bonds, Series A and B, totaling $1,692,000.00. The bonds will be in the denomination of $1,000 each, will be dated February 1, 1964, and will bear interest at such rate or rates, not exceeding the legal rates herein- after set forth, as are specified in the successful bid. Interest is payable semi-annually on February 1 and August 1 in each year. Said bonds shall mature serially within each series on February 1 of the following years and in the follow- ing principal amounts: SERIES A Year Amount Year Amount 1965 $ 9,000 1977 $15,000 1966 9,000 1978 16,000 1967 10,000 1979 16,000 1968 10,000 1980 17,000 1969 10,000 1981 18,000 1970 11,000 1982 19,000 1971 11,000 1983 20,000 1972 12,000 1984 21,000 1973 12,000 1985 22,000 1974 13,000 1986 23,000 1975 14,000 1987 23,000 1976 14,000 1988 24,000 SERIES B Year Amount Year Amount 1969 $15,000 1972 $20,000 1970 17,000 1973 20,000 1971 19,000 1974 21,000 oils Year Amount Year Amount 1975 $22,000 1988 $37,000 1976 23,000 1989 60,000 1977 24,000 1990 62,000 1978 24,000 1991 65,000 1979 26,000 1992 67,000 1980 27,000 1993 70,000 1981 28,000 1994 73,000 1982 29,000 1995 76,000 1983 30,000 1996 79,000 1984 31,000 1997 82,000 1985 32,000 1998 86,000 1986 33,000 1999 89,000 1987 36,000 Certain of these bonds are subject to redemption prior to maturity, the details of which maybe secured from the undersigned. The bonds, which will be issued to refund out- standing Water System Revenue Certificates of the City, dated February 1, 1958 (Series A), and (Series B) to £inam e the cost of constructing a new sanitary sewerage system, in- cluding collection lines, pumping stations, force mains, treatment plant, softening unit for water treatment plant and appurtenant facilities, in the City, to be combined with the existing waterworks system of the City and operated therewith as a single utility (herein called the "System"), will be payable solely from and secured by a prior lien upon and a pledge of the net revenues derived from the operation of the system and the proceeds of the municipal utilities tax. pal only. The bonds are subject to registration as to princi- Bids will be considered on the following bases: (1) All Series A bonds at an interest cost not greater than four and three -fourths per centum (4 3/4%) per annumr -12- (2) All Series B bonds maturing in the years 1969 through 1974, inclusive, at an interest cost not greater than three and. seven -eighths per centum (3 7/8%) per annum; (3) All Series B bonds maturing inthe years 1975 through 1979, inclusive, at an interest cost not greater than three and seven -eighths per centum (3 7/8%) per annum; (4) All Series B bonds maturing in the years 1980 through 1984, inclusive, at an interest cost not greater than three and seven -eighths per centum (3 7/8%) per annum; (5) All Series B bonds maturing in the years 1985 through 1989, inclusive, at an interest cost not greater than three and seven -eighths per centum (3 7/8%) per annum; (6) All Series B bonds maturing in the years 1990 through 1994, inclusive, at an interest cost not greater than four per centum (4y) per annum; (7) All Series B bonds maturing in the years 1995 through 1999, inclusive, atan interest cost not greater than four per centum (4%) per annum; (8) All Series B bonds, at an interest cost not greater than four per centum (4%) per annum. The Housing and Home Finance Agency (herein called the "government") has entered into a loan agreement with Edgewater, Florida, pursuant to which it proposed to buy all the Series B bonds at par plus accrued interest at a three and seven -eighths per centum (3 7/8%) interest rate, and exchange outstanding Water System Revenue Certificates, dated February 1, 1958, held by the government, for the Series A bonds, providing no other bidder or bidders offer to purchase all or any block of the bonds on the terms in- dicated. The City desires to sell all the bonds. For the purpose of determining the lowest bidder, calculations of -13- net interest cost will exclude the bid of the government. Bidders may name the interest rate or rates for each block of bonds or the entire issue in multiples of 1/8 of 1/20 of 1%. Bids for the entire issue wi111e accorded preference over bids for individual or combined blocks, ex- cept where the sum of the bids for all of the individual and/or combined blocks results in a lower net interest cost for the entire issue, and bids for combined blocks less than the en- tire issue will be accorded preference over bids for indivi- dual blocks, except where the sum of such individual blocks results in a lower net interest cost for maximum number of maturities. Except for the bid of the government, each bid must be accompanied by a Certified or Bank Cashier's or Treasurer's Check in the amount of 2% of the face value of the bonds for which such bid is submitted, payable to the order of the City as a guarantee of good faith. The successful bidder will be furnished, without cost, the legal opinion of Messrs. Freeman, Richardson & Watson of Jacksonville, Florida, approving the validity of the bonds. A copy of the official Notice of Sale and a State- ment of Essential Facts for this issue may be obtained from the undersigned, Edgewater, Florida. The right to reject any and all bids is reserved. CITY OF EDGEWATER, FLORIDA By Helen W. Jones City Clerk -14- SECTION 4. A copy of this Resolution shall be incorporated in and shall be a part of the minutes of the meeting of the City Council held April 6, 1964. SECTION 5. This Resolution shall take effect immediately upon its passage. BE IT FURTHER RESOLVED, that all Resolutions or parts of Resolutions in conflict herewith be, and the same are hereby rescinded. The above and foregoing Resolution was presented by Councilman Cairnis who moved its adoption, said motion being seconded w� by Councilman stelar and upon roll call vote, the said Resolution was duly declared adopted at the regular meeting of said Council held on the 6th day of April, 1964, the vote of said Council on roll call being as follows: NIayor i l�.- - Councilman ■ Coun • CounciTman / City Clerk Approved this 6th day of April, 1964. May r -15- NOTICE OF SALE $1,692,000.00 CITY OF EDGEWATER, FLORIDA WATERWORKS AND SEWER SYSTEM RMUDING AND IMPROVEMENT REVEMS BOMB SERIES A AND B DATED rmMARY 1, L964 Sealed bids will be received by the City of Edgewater, Florida, at the City Hall in Edgewater, Florida, up to 700 o'clock, p.M. Eastern standard Ties on May 4, 1964, for the purchase of all or any of the hereinafter designated blocks of the City of Edgewater, Waterworks and Sewer System Re- funding and ImP=Veaent Revenue Bonds, Series A and B, totaling $1,692,000.00. The bonds will be in the denomination of $1,000 each, will be dated February 1, 1964, and will bear interest at such rate or rates, not exceeding the legal rates herein- after not forth, as are specified in the successful bid. Interest is payable seal -annually on February 1 and August 1 in each year, said bonds shall mature serially within each series on February 1 of the following years and in the following principal mOuntso SERIES A �t 1965 $ 9 11977 $15,0000 1966 9,000 1978 16,000 1967 10,000 1979 16,000 1968 10,000 1980 17,000 1969 10,000 1981 18,000 1970 11,000 1982 19,000 1971 11,000 1983 20,000 1972 12,000 1984 21,000 1973 12,000 1985 22,000 1974 13,000 1986 23,000 1975 14,000 1987 23,000 1916 14,000 1986 24,000 SHRISS S xW xaPunt year Amount 1969 $15,000 1985 $32,000 1930 17,000 1966 33,000 1971 19,000 1987 36,000 1972 20,000 1988 37,000 1973 20,000 1989 60,000 1974 21,000 1990 62,000 1975 22,000 1991 65,000 1976 23,000 1992 67,000 1977 24,000 1993 70,000 1978 24,000 1994 73.000 1979 26,000 1995 70,000 1980 27,000 1996 79,000 1981 28,000 1997 82,000 1982 29,000 1998 86,000 1983 30,000 1999 89,000 1984 31,000 Certain of these bonds are subject to redemption prior to maturity, the details of which may be secured from the undersigned. The bonds, which will be issued to refund outstanding stater System Revenue Certificates of the City, dated February 1, 1958 (series A), and (Series 8) to finance the cost of constructing a new sanitary sewerage system, including collection lines, pumping stations, force mains, treatment plant, softening unit for water treatment plant and appurtenant facilities, in the City, to be combined with the existing waterworks system of the City and operated therewith as a single utility (here- in called the "system"), will be payable solely from and secured by a prior lien upon and a pledge of the net revenues derived from the operation of the system and the proceeds of the municipal utilities tax. The bonds are subject to registration as to principal only. -2- Bids will be considered on the following humans (1) series A bonds maturing in the years 1965 through 1974, inclusive, at an interest cost not greater than lour and three -fourths per centum (4 3/4%) per annual (2) Series A bonds maturing in the years 1975 through 1979, inclusive, at An interest cost not greater than four and three -fourths per centum (4 3,4%) per annual (3) Series A bonds maturing in the years 1980 through 1984, inclssiw,,.at an interest cost not greater than four and three-[ourths per centum (4 314%) par annual (4) Series A bonds maturing in tie years 1985 through 1968, inclusive, at an interest cost not greater than four and three -fourths per centum (4 3/4%) per annual (5) All Series A bonds at an interest cost not greater than four and threa-fourths per centum (4 3/4➢Q per annual (6) Series 8 bonds maturing in the years 1969 through 1974, inclusive, at an interest cost not greater than three anderm-eloftpr contum (3 7/8%) par annual (7) Series 8 bonds maturing in the years 1975 through 1979, inclusive, at an interest cost not greater than throe and sewn -eighths per contum (3 7/SW per annual (8) Series B bands maturing in the years 1980 through 1984, inclusive, at an interest cost not greater than three and sewn-sigbths per contum (3 7/&M per annual (9) Series B bonds maturinc in the years 1985 through 1989, inclusive, at an interest cost not greater than three and seven-eighthe per contum (3 7/e%) per annual (10) Sari" 8 bonds maturing In the years 1990 through 1994, inclusive, at an interest cost not greater than four per centum (4V per annual (11) Series 8 bonds maturing in the years 1995 t,,rough 1999, inclusive, at an interest cost not greater than four per centum (4%) per annual -3- (12) All Series B bonds, at an interest Cost not greater than four per centum (4%) per annamt. The Housing and Bone Finance Agency (herein called the "government") has entered into a loan agreement with Edgewater. Florida, pursuant to vhich it proposed to buy all the Series B bonds at par plus accrued interest at a three and seven -eighths per centum (3 7;8%) interest rate, and exchange outstanding water system Revenue Certificates, dated February 1, 1958, hold by the government, for the Series A bonds, providing no other bidder or bidders offer to purr3i"o all or any block of the bonds on the terms in- dicated. The City desires to sell all the bonds. For the purpose of determining the lowest bidder, calculations of net interest cost All exclude the bid of the government. Bidders may new the interest rate or rates for each block of bonds or the entire issue in multiples of 1i0 or 1/20 of 1%. Bids for an entire Series will be accorded preference over bids for individual or combined blocks, with- in the Series, except where the mum of the bids for all of the individual and/or combined blocks results in a lover net Interest cost for the series, and bids for combined blocks less than the entire issue will be accorded preference over bids for individual blocks, except where the mum of such Individual blocks results in a lower net interest cost for ==I=m number of maturities. Except for the bid of the government, each bid must be accompanied b, a Certified or Bank Cashier's or Treasurer's -4- Check in the amount of 2% of the face value of the bonds for which such bid is submitted, payable to the order of the City an a guarantee of good faith. The successful bidder will be furnished, without cost, the legal opinion of Messrs. Freeman, Richardson & Watson of Jacksonville, Florida, approving the nlidity of the bonds. A copy of thsOfficial N3tice of sale and a statement of Essential facts for this issue may be obtained from the undersigned, Edgewater, Florida. The right to reject any and all bids is reserved. CITY OF EDGEWATER. FLORIDA By Helen W. Jones City Clark Each bidder shall state in his bid (1) the dollar price he will pay for those of the bonds for which such bid is sub- mitted, which must be not less than the par value thereof, plus accrued interest thereon from February 1, 1964 to the date of delivery thereof, and (2) the annual rate or rates of interest to be borne by those of the bonds for which such bid is submitted, in multiples of 1/8 or 1/20 of 1%, subject to the following qualifications: (a) all bonds of the same series having the same maturity must bear the same rate of interest throughout their life; (b) all interest on any bond payable on any interest payment date must be evidenced by a single coupon; and (c) not more than two rates may be named for any of the above described blocks for which a separate bid is submitted, except that as many as four rates may be named in any bid submitted for all of either series of the bonds. The bonds will be awarded to the bidder or bidders offering to purchase them, or a portion thereof as set forth above, at the lowest net interest cost to the City, computed from February 1, 1964, to their respective maturities; pro- vided, that the City reserves the right to reject any or all bids; and provided further, that if the same lowest net interest cost is reflected by more than one bid, the bonds or portion thereof for which such bids were made, will be awarded tothe bidder offering to pay the highest dollar price therefor, that bids for an entire series will be ac- corded preference over bids for individual or combined blocks within the series, except where the sum of the bids for all of the individual and/or combined blocks results in a lower net interest cost for the series, and that bids for combined blocks less than the entire issue will be accorded preference over bids for individual blocks, except where the sum of such individual blocks results in a lower net interest cost for the maximum number of maturities. The lowest net interest cost will be determined by aggregating the total amount of interest payable on the bonds for which such bid is sub- mitted from February 1, 1964, until their respective maturi- ties, computed at the rate or rates specified in such bid, and deducting therefrom the amount of any premium reflected by such bid. For the purpose of determining the lowest bidder, calculations of net interest cost will exclude the bid of the Housing and Home Finance Agency (herein called the "government"). The government has entered into a loan agreement with Edgewater, Florida, pursuant to which it pro- poses to buy all Series B bonds at par plus accrued interest at a 3 7%8% interest rate, providing no other bidder or bidders offer to purchase all or any block of the bonds on the terms indicated, and pursuant to which it proposes to exchange said outstanding Water System Revenue certificates, dated February 1, 1958, now held by the government, for all Series A bonds, providing no bidder offers to purchase all or any block of said Series A bonds on the terms indicated. The City desires to sell all the bonds. In the event the City receives block bids for less than all the specified blocks of either series of the bonds and one or more bids for all of that series, then, subject to the provisions of this paragraph with respect to offers by bidders other than the government, the bonds will be awarded to the best bidder for all of the series, even though his bid reflects an interest cost greater than that reflected by one or more of the block bids. Each proposal (other than that of the government) must be accompanied b:: a certified check or a cashier's check in the amount of 2% of the face value of the bonds for which such bid is submitted, which check shall be payable to the order of the City and drawn on a bank having membership in the Federal Reserve System. No interest will be allowed on any such checks. The checks of the unsuccessful bidders will be returned promptly following the award of the bonds. The check or checks of the successful bidder or bidders will be retained by the City as security for the performance of the successful bid or bids and at the time the sale is consummated will either be returned or applied on the purchase price of the bonds, at the option of the City. As soon after the award as they and the supporting documents may be prepared, the bonds will be delivered as a whole against payment therefor in bankable funds, in Atlanta, Georgia, if the government is the successful bidder for any of the Series B bonds or taking any of the Series A bonds by exchange; or, in the event the government is awarded no part of the bonds, in Jacksonville, Florida; or elsewhere at the purchaser's expense, at the option of the successful bidder or by agreement among the successful bidders. The bonds will be accompanied by the customary closing papers reciting that there is no litigation pending affecting the validity of the bonds. The City will furnish the successful bidder, without cost, the printed bonds and the legal opinion of Messrs. Freeman, Richardson & Watson, of Jacksonville, Florida, ap- priving the validity of the bonds.