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. ' • ' � - <br /> b. The City Manager after receiving Government <br /> approval of a recommended award is hereby authorized and directed <br /> on behalf of the Local Issuing Agency to award the Project Notes <br /> at the lowest interest rate or rates not in excess of the percentage <br /> rate per annum specified in the Contract or under State Law offered <br /> in the proposals without reference to premiums : Provided however, <br /> that as among proposals specifying the same lowest interest rate, <br /> awards shall be made on the basis of the highest premium per dollar <br /> principal amount of the Notes specified in such proposals. The <br /> City P�Ianager stiall promptly notify each successful bidder by tele- <br /> gram of the principal amount of Project Notes so awarded to such <br /> bidder. <br /> Section 4 . Each of the Project Notes of the Local Issuing <br /> Agency shall be in substantially the form of HUD-9010 , which is in- <br /> corporated herein by reference. Each series of Project Notes shall <br /> bear a date not later than the date on which they are to be delivered <br /> to the purchaser and shall mature within a term of not to exceed <br /> 18 months from their date. Each series of Project Notes shall bear <br /> interest at the rate or rates per annum fixed in the proposal or <br /> proposals accepted for the purchase of such Notes, shall be issued in <br /> such denominations, and both principal and interest thereof shall <br /> be payable at such incorporated bank having trust powers or incor- <br /> porated trust company as the purchaser designates in his proposal, <br /> and shall be secured by a "Requisition Agreement" in substantially <br /> the form of HUD-9003, which is incorporated herein by reference, <br /> to be entered into between the Local Issuing Agency and the Govern- <br /> ment. �' <br /> Section 5. Each of the Project Notes issued in a series which <br />