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be selected by lot and redeemed at a price of par plus accrued interest in accordance with the Original Resolution. Basis of Award Proposals must be unconditional and only for all the Series 2006 Bonds. The purchase price bid for the Series 2006 Bonds may include a discount (including underwriters' discount and original issue discount) not to exceed two percent (2%) of the principal amount of the Series 2006 Bonds and shall specify how much of the discount is original issue discount. The purchase price bid may also include an original issue premium (including underwriter=s discount and original issue premium) not to exceed two percent (2%) of the principal amount of the Series 2006 Bonds and shall specify how much of such purchase price is original issue premium. The Series 2006 Bonds will be insured if municipal bond insurance is selected by the purchaser. The selection of the insurer and the responsibility for payment of the premium for such municipal bond insurance policy shall rest with the purchaser and such premium must be paid contemporaneously with the payment to the County of the purchase price for the Bonds. The purchase price bid for the Series 2006 Bonds will not deduct the insurance premium. Only the final bid submitted by any bidder through Parity will be considered. The County reserves the right to determine the Successful Bidder for the Series 2006 Bonds, to reject any or all bids and to waive any irregularity or informality in any bid. The Series 2006 Bonds will be awarded to the bidder (herein referred to as the "Successful Bidder" as to the Series 2006 Bonds) offering such interest rate or rates and purchase price which will produce the lowest true interest cost to the County over the life of the Series 2006 Bonds. True interest cost for the Series 2006 Bonds (expressed as an annual interest rate) will be that annual interest rate being twice that factor of discount rate, compounded semiannually, which when applied against each semiannual debt service payment (interest, or principal and interest, as due) for the Series 2006 Bonds will equate the sum of such discounted semiannual payments to the bid price (inclusive of accrued interest). Such semiannual debt service payments begin on January 1, 2007. The true interest cost shall be calculated from , 2006, the expected closing date of the Series 2006 Bonds (the "Closing Date") and shall be based upon the principal amounts of each serial maturity set forth in this Notice of Bond Sale and the bid price set forth in the Proposal for the Series 2006 Bonds submitted in accordance with the Notice of Bond Sale. If the bidder elects to have the Series 2006 Bonds insured, the responsibility for payment of the premium for such municipal bond insurance policy shall rest with the Successful Bidder and such premium must be paid contemporaneously with the payment to the County of the purchase price for the Series 2006 Bonds. In case of a tie, the County may select the Successful Bidder by lot. It is requested that each Proposal for the Series 2006 Bonds be accompanied by a computation of such true interest cost to the County under the term of the Proposal for Bonds, but such computation is not to be considered as part of the Proposal for Bonds. 4