Rate of Fire is the maximum number of HP's that it will take off the unit it bombards. Note that it may actually do 0, 1, 2 or 3 HP off damage per bombardment of an enemy unit.
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Rate of fire refers to how many attacks a bombardment unit can make in one turn of battle. However bombardment units only fight for one turn. Regular military units keep fighting until one is dead and only one "shot" per combat turn. Hope this helps.
There are a number of sources that list all the keyboard commands for Civ. Try over at www.civfanatics.com under their Civ3 resource section.
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