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No. 2153 authorizing issuance of bonds of the SB redevelopment district for purpose of raising money for certain local public improvements in downtown medical services district allocation area
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No. 2153 authorizing issuance of bonds of the SB redevelopment district for purpose of raising money for certain local public improvements in downtown medical services district allocation area
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Bonds are ready for delivery, or at the time fixed in the notice of intent to sell, then such <br />amount deposited with the City shall become the property of the City and shall be <br />considered as the City's liquidated damages on account of such default. <br />All bids for Bonds shall be sealed and shall be presented to the Controller <br />at the Controller's office, and the Controller shall continue to receive all bids offered until <br />the hour fixed for the sale of the Bonds, at which time and place the Controller shall open <br />and consider each bid. Bidders for the Bonds shall be required to name the rate or rates <br />of interest which the Bonds are to bear, not exceeding seven percent per annum (or such <br />lesser rate as the Controller, with the advice of the financial advisor of the Commission, <br />shall determine prior to the publication of the notice of intent to sell). Such interest rate <br />or rates shall be in multiples of one - eighth (1/8) or one - twentieth (1/20) of one percent <br />(1 %). Bids specifying more than one interest rate shall also specify the amount and <br />maturities of the Bonds bearing each rate, and all Bonds maturing on the same date shall <br />bear the same rate of interest. The interest rate on Bonds of a given maturity must be at <br />least as great as the interest rate on Bonds of any earlier maturity. <br />Subject to the provisions set forth below, the Controller shall award the <br />Bonds to the bidder offering the lowest net interest cost to the City, to be determined by <br />computing the total interest on all of the Bonds from the date thereof to their maturities <br />and deducting therefrom the premium bid, if any, or adding thereto the amount of any <br />discount. No bid for less than ninety -seven percent (97 %) of the par value of the Bonds <br />(or such higher percentage of the par value of the Bonds as the Controller, with the <br />advice of the financial advisor to the Commission, shall determine prior to the publication <br />of the notice of intent to sell), plus accrued interest at the rate or rates named to the date <br />of delivery, will be considered. The Controller shall have full right to reject any and all <br />bids. In the event no acceptable bid is received at the time fixed for the sale of the <br />Bonds, the Controller shall be authorized to continue to receive bids from day to day <br />thereafter for a period not to exceed thirty (30) days, without readvertising, pursuant to <br />Indiana law. <br />C. If sold publicly, the Bonds shall be offered and sold pursuant to an <br />Official Statement with respect to the Bonds (the "Official Statement "), to be made <br />available and distributed in such manner, at such times, for such periods and in such <br />number of copies as may be required pursuant to Rule 15c2 -12 promulgated by the <br />United States Securities and Exchange Commission (the "Rule "). The Commission <br />hereby authorizes the Controller to approve the form of the Preliminary Official <br />Statement upon the advice of counsel with such approval to be conclusively evidenced by <br />signature of the Controller thereon. The Commission hereby authorizes the Controller to <br />deem "final" the Preliminary Official Statement, as of its date, in accordance with the <br />provisions of the Rule, subject to completion as permitted by the Rule, and the <br />Commission further authorizes the distribution of the deemed final Official Statement. <br />The Commission hereby authorizes and directs the Controller, upon the advice of the <br />counsel to place into final form and distribute and cause to be delivered the final Official <br />Statement in accordance with the Rule, and further authorizes the Controller to execute <br />the final Official Statement. <br />-21- <br />BDDBor 40102160 <br />
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