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Ded®adon of Term Bon • Bidders may specify that the annual Principal Amounts of the Series 1995 Bonds coming due in any two or more consecutive years may be combined to form one or more maturities of Term Bonds scheduled to mature in the last of such years with the preceding annual Principal Amounts for such years constituting mandatory Amortization Installments to be selected by lot and redeemed at a price of par plus accrued interest, without Premium, in accordance with the Resolution. Basis of Award Proposals must be unconditional and only for all the Series 1995 Bonds. The purchase price bid for the Series 1995 Bonds may include a discount (including underwriters' discount and original issue discount net of original issue premium, but excluding any municipal bond insurance premium) not to exceed two percent (2S) of the principal amount of the Series 1995 Bonds and shall specify how much of the discount is original issue discount. No more than one (1) Proposal from any bidder will be considered. The County reserves the right to determine the Successful Bidder, to reject any or all bids and to waive any irregularity or informality in any bid. The Series 1995 Bonds will be awarded to the bidder (herein referred to as the "Successful Bidder") 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 1995 Bonds. True interest cost for the Series 1995 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 1995 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, 1996. The true interest cost shall be calculated from the closing date of the Series 1995 Bonds (July 25, 1995) 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 each Proposal for the Series 1995 Bonds submitted in accordance with the Notice of Bond Sale. If the bidder elects to have the Series 1995 Bonds insured, the bid price will be reduced by the cost of the bond insurance premium solely for the purpose of calculating the true interest cost. The County will pay the bond insurance premium, if the successful bidder has elected to have the Series 1995 Bonds insured. In case of a tie, the County may select the Successful Bidder by lot. It is requested that each Proposal for the Series 1995 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. Interest Rates Permitted The Series 1995 Bonds shall bear interest expressed in multiples of one-eighth (1/8) or one -twentieth (1/20) of one percent. No interest rate speed for any maturity may be lower than any interest rate specified for an earlier maturity. There shall not be a difference greater than two hundred fifty basis points (250 b.p.) between the lowest interest rate and highest interest rate. Should an interest rate be specified which results in annual interest payments not being equally divisible between the semiannual payments in cents, the first semiannual payment will be reduced to the next lower cent and the second semiannual payment will be raised to the next higher cent. It shall not be necessary that all Series 1995 Bonds bear the same rate of interest, provided that all Series 1995 Bonds maturing on the same date shall bear the same rate of interest. A rate of interest based upon the use of split or supplemental interest payments or a zero rate of interest will not be considered. 3