upr000258 257

% rates of bonds bid for immediate deli v e r y u n d e r Alternative (l) and those bonds bid for delivery in the first installment u n d e r Alternative (2) shall be the interest rate or rates stated in the successful bid. The coupon rate or rates of the bonds bid under Alternative (2) for deli v e r y in the second installment shall be determined as h e r e inafter provided. On any proposal u n d e r Alternative (2), interest on the bonds to be delivered in the second installment shall be adjusted as follows: The net annual yield to m a t u r i t y (deter­mined from the interest rates stated in the bid but disregarding the pre m i u m bid, if any) of bonds shall be adjusted o n the date of delivery of said second installment in accordance w i t h the difference in yLelds of "The B o n d Buyer's 20-Bond Index," as publi s h e d in the w e e k l y e d i t i o n of The B o n d B u y e r next p r e c e d ­ing the date of award of said bonds (the "award edition") and the w e e k l y edition next preceding the date of delivery of said second installment of bonds (the "delivery edition"). Said adjustment shall be made as follows: The coupon rate or rates of said bonds shall be the interest rate o r rates stated in the bid increased or decreased by the nearest 1 / 1 0 of 1 # of the increase or decrease in said Index as the same is published in said award edition and in said delivery edition. After adjusting the coupon rates as hereinbefore provided, any f u r ­ther adjustment in said net annual yield w h i c h may be required 14.