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failure in the proper operation of, or have any liability for any delays or interruptions of or any damages caused by the services of PARITY. The City is using the services of PARITY' solely as a communication mechanism to conduct the electronic bidding for the Series 2016B Bonds, and PARITY' is not an agent of the City. If any provisions of this Terms of Proposal conflict with information provided by PARITY', this Terms of Proposal shall control. Further information about PARITY', including any fee charged, may be obtained from: PARITY`', 1359 Broadway, 2 d Floor, New York, New York 10018 Customer Support: (212) 849-5000 DETAILS OF THE SERIES 2016B BONDS The Series 2016B Bonds will be dated as of the date of delivery and will bear interest payable on February 1 and August 1 of each year, commencing February 1, 2017. Interest will be computed on the basis of a 360 -day year of twelve 30 -day months. The Series 2016B Bonds will mature February 1 in the years and amounts* as follows: 2017 $235,000 2019 $240,000 2021 $250,000 2018 $235,000 2020 $245,000 2022 $255,000 The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount of the Series 2016B Bonds or the amount of any maturity in multiples of $5, 000. In the event the amount of any maturity is modified, the aggregate purchase price will be adjusted to result in the same gross spread per $1,000 of Series 2016E Bonds as that of the original proposal. Gross spread is the differential between the price paid to the City for the new issue and the prices at which the securities are initially offered to the investing public. Proposals for the Series 2016B Bonds may contain a maturity schedule providing for a combination of serial bonds and term bonds. All term bonds shall be subject to mandatory sinking fund redemption at a price of par plus accrued interest to the date of redemption scheduled to conform to the maturity schedule set forth above. In order to designate term bonds, the proposal must specify "Years of Term Maturities" in the spaces provided on the proposal form. BOOK ENTRY SYSTEM The Series 2016B Bonds will be issued by means of a book entry system with no physical distribution of Series 2016B Bonds made to the public. The Series 2016B Bonds will be issued in fully registered form and one Series 2016B Bond, representing the aggregate principal amount of the Series 2016E Bonds maturing in each year, will be registered in the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), New York, New York, which will act as securities depository of the Series 2016B Bonds. Individual purchases of the Series 2016B A-2