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(b) The 2010 Bonds shall be sold in a competitive sale. The Controller shall cause to <br />be published either (i) a notice of sale once each week for two consecutive weeks in accordance <br />with I.C.§5-3-1-2, in which case the date fixed for the sale shall not be earlier than fifteen (15) <br />days after the first of such publications and not earlier than three (3) days after the second of <br />such publications, or (ii) a notice of intent to sell bonds once each week for two weeks in <br />accordance with I.C. §5-1-11-2 and I.C. §5-3-1-4 and in a newspaper of general circulation <br />published in the State capital. Said sale notice shall state the time and place of sale, the purpose <br />for which the 2010 Bonds are being issued, the total amount thereof, the amount and date of each <br />maturity, the maximum rate or rates of interest thereon, their denominations, the time and place <br />of payment, the terms and conditions upon which bids will be received and the sale made and <br />such other information as is required by law or as the Controller shall deem necessary. The <br />Controller is designated as the officer responsible for the sale of the 2010 Bonds, and shall <br />provide or cause to be provided all notices required by law. <br />All bids for the 2010 Bonds shall be sealed and shall be presented to the Controller in <br />accord with the terms set forth in the sale notice. Bidders for the 2010 Bonds shall be required to <br />name the rate or rates of interest which the 2010 Bonds are to bear, which shall be the same for <br />all 2010 Bonds maturing on the same date and the interest rate bid on any maturity of 2010 <br />Bonds must be no less than the interest rate bid on any and all prior maturities, not exceeding <br />eight percent (8%) per annum, and such interest rate or rates shall be in multiples of one-one <br />hundredth (1/100) of one percent (1%). The Controller shall award the 2010 Bonds to the bidder <br />who offers the lowest interest cost, to be determined by computing the total interest on all the <br />2010 Bonds to their maturities and deducting therefrom the premium bid, if any, or adding <br />thereto the amount of the discount, if any. No bid for less than nine percent (99%) of the par <br />value of the 2010 Bonds, plus accrued interest, shall be considered. The Controller may require <br />that all bids be accompanied by certified or cashier's checks payable to the order of the City, or a <br />surety bond, in an amount not to exceed one percent (1 %) of the aggregate principal amount of <br />the 2010 Bonds as a guaranty of the performance of said bid, should it be accepted. If a financial <br />surety bond is used, it must be from an insurance company licensed to issue such bond in the <br />State, and such bond must be submitted to the City prior to the opening of the bids. The <br />financial surety bond must identify each bidder whose good faith deposit is guaranteed by such <br />financial surety bond. If the 2010 Bonds are awarded to a bidder utilizing a financial surety <br />bond, then the purchaser is required to submit to the City a certified or cashier's check (or wire <br />transfer such amount as instructed by the City) not later than 3:30 p.m. (local time) on the next <br />business day following the award. In the event the successful bidder shall fail or refuse to accept <br />delivery of the 2010 Bonds and pay for the same as soon as the 2010 Bonds are ready for <br />delivery or at the time fixed in the notice of sale, then such good faith deposit and the proceeds <br />thereof shall be the property of the City and shall be considered as its liquidated damages on <br />account of such default. In the event no satisfactory bids are received on the day named in the <br />sale notice, the sale may be continued from day to day thereafter for a period of thirty (30) days <br />without readvertisement; provided, however, that if said sale is continued, no bid shall be <br />accepted which offers an interest cost which is equal to or higher than the best bid received at the <br />time fixed for sale in the bond sale notice. The Controller shall have full right to reject any and <br />all bids. The opinion of bond counsel to the City approving the legality of the 2010 Bonds will <br />be furnished to the purchaser at the expense of the City. <br />-10- <br />