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Administrator, to be retained by the City as liquidated damages if the <br />proposal is accepted and the bidder fails to comply therewith. The <br />check will be deposited by the City and deducted from the purchase <br />price at the time of delivery of the Bonds. The bid authorizing the <br />lowest net interest cost (total interest from date of bonds to stated <br />maturities, less any cash premium or plus any amount less than <br />$670,000 offered for principal) will be deemed the <br />most favorable. No oral bid and no bid of less than $660,000 for <br />principal plus accrued interest on all of the bonds will be con- <br />sidared, and the City reserves the right to reject any and all bids <br />and to waive any informality in any bids. <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br />/s/ Lloyd Schnelle <br /> <br />City Administrator <br /> <br />Dated: June 25, 1985. <br /> <br /> <br />