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8. RATES: Determined by successful bidder. Must be for not <br />Less than par and in integral multiples of 1/20th <br />of one per cent. No restriction is placed upon <br />the number of rates, except no rate and combination <br />of rates may exceed 7% per annum. All bonds of same <br />maturity must bear a single basic rate of interest <br />from date of issuance to maturity. The basic rate <br />of interest applicable to any bonds may not be <br />lower than the basic rate applicable to bonds <br />having an earlier maturity date. Additional inter- <br />est coupons may not be used. <br />9. PREFERENCE BIDS: Lowest dollar amount of interest cost. Council <br />reserves right to reject any and all bids. No <br />bid of less than par and accrued interest will <br />be considered. <br />X <br />["I <br />