67-16 Waterworks Bond Refunding - Laserfiche WebLink

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SECTION 10. Sale of Bonds. (a) The City may sell the 2016 Bonds in a public sale. In such case, the Fiscal Officer shall cause to be published either (i) a notice of sale once each week for two consecutive weeks per IC § 5- 3 -1 -2, in which case the date fixed for the sale shall not be earlier than fifteen (15) days after the first such publications and not earlier than three (3) days after the second of such publications, or (ii) a notice of intent to sell bonds once each week for two (2) weeks in accordance with IC § 5- 1 -11 -2 and IC § 5 -3 -1 -4 and in a newspaper of general circulation published in the State capital, in which case bids may not be received more than ninety (90) days after the first of such publications. Said sale notice shall state the time and place of sale, the purpose for which the 2016 Bonds are being issued, the total amount thereof, the amount and date of each maturity, the maximum rate or rates of interest thereon, their denominations, the time and place of payment, that specifications and information concerning the 2016 Bonds are on file in the office of the Fiscal Officer and are available on request, the terms and conditions upon which bids will be received and the sale made and such other information as is required by law or as the Fiscal Officer shall deem necessary. (b) All bids for the 2016 Bonds shall be presented to the Fiscal Officer in accord with the terms set forth in the sale notice. Bidders for the 2016 Bonds shall be required to name the rate or rates of interest which the 2016 Bonds are to bear, which shall be the same for all 2016 Bonds maturing on the same date and the interest rate bid on any maturity of 2016 Bonds must be no less than the interest rate bid on any and all prior maturities, not exceeding four percent (4 %) per annum, and such interest rate or rates shall be in multiples of one - eighth or one - hundredth of one per cent. The Fiscal Officer shall award the 2016 Bonds to the bidder who offers the lowest interest cost, to be determined by computing the total interest on all the 2016 Bonds to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of the discount, if any. No bid for less than ninety -nine percent (99 %) of the par value of the 2016 Bonds for any such bonds to be sold by competitive sale shall be considered. The Fiscal Officer may require that all bids shall be accompanied by certified or cashier's checks (or wire transfer) payable to the order of the Mayor, or a surety bond, in an amount not to exceed one percent (1 %) of the aggregate principal amount of the 2016 Bonds as a guaranty of the performance of said bid, should it be accepted. If a financial surety bond is used, it must be from an insurance company licensed to issue such bond in the State of Indiana, and such bond must be submitted to the City prior to the opening of the bids. The financial surety bond must identify each bidder whose good faith deposit is guaranteed by such financial surety bond. If the 2016 Bonds are awarded to a bidder utilizing a financial surety bond, then the purchaser is required to submit to the City a certified or cashier's check (or wire transfer such amount as instructed by the City) not later than 3:30 p.m. (South Bend, Indiana Time) on the next business day following the award. In the event no satisfactory bids are received on the day named in the sale notice, the sale may be continued from day to day thereafter for a period of thirty (30) days without readvertisement; provided, however, that if said sale be continued, no bid shall be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for sale in the bond sale notice. The Fiscal Officer shall have full right to reject any and all bids. (c) As an alternative to public sale, the Fiscal Officer may negotiate the sale of the 2016 Bonds to an underwriter or financial institution. The Mayor and the Fiscal Officer are 15