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Authorize- Issuance of Revenue Bonds $11,960,000
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Authorize- Issuance of Revenue Bonds $11,960,000
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Last modified
3/21/2011 3:56:49 PM
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3/21/2011 3:56:47 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/28/1997
Ord-Res Number
8778-97
Bill Number
34-97
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, <br /> conditions upon which bids will be received and the sale made, and such other information as the <br /> Controller and the attorneys employed by the City shall deem necessary or advisable. Each <br /> person so registered shall be notified of the date and time bids will be received not less than <br /> twenty-four (24) hours before the date and time of sale. The notification shall be made by <br /> telephone at the number furnished by the person, and also by telex or facsimile if the person <br /> furnishes a telex or facsimile number. <br /> Such notice shall provide, among other things, that each bid shall be accompanied <br /> by a certified cashier's check or a financial surety bond in an amount equal to one percent (1%) <br /> of the principal amount of the Bonds to guarantee performance on the part of the bidder, with <br /> the successful bidder providing said amount by a certified or cashier's check submitted with the <br /> bid or by wire transfer on the next business day following the award if said bidder provided a <br /> financial surety bond with the bid and that in the event the successful bidder shall fail or refuse <br /> to accept delivery of and pay for the Bonds as soon as the Bonds are ready for delivery, or at the <br /> time fixed in the notice, then said amount 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 the Bonds shall be sealed and shall be presented to the Controller at <br /> her office, and the Controller shall continue to receive all bids offered until the hour named on <br /> the day fixed in the notice of sale, at which time and place he shall open and consider each bid. <br /> Bidders for the Bonds shall be required to name the rate or rates of interest which the Bonds are <br /> to bear, not exceeding the maximum rate hereinabove fixed. Said interest rate or rates shall be <br /> in multiples of one-eighth (1/8) or one-twentieth (1/20) of one percent (1%). Bids specifying <br /> more than one interest rate shall also specify the amount and maturities of the Bonds bearing each <br /> rate, and all Bonds maturing on the same date shall bear the same single rate of interest. The <br /> interest rate on Bonds of a given maturity must be at least as great as the interest rate on Bonds <br /> of any earlier maturity. Subject to the provisions contained below, the Controller shall award the <br /> Bonds to the bidder offering the lowest interest cost to the City, to be determined by computing <br /> the total interest on all of the Bonds from the date thereof to their maturities and deducting <br /> therefrom the premium bid, if any, or adding thereto the amount of any discount, if any. No bid <br /> for less than ninety-eight percent (98%) of the par value of the Bonds (or such higher percentage <br /> of the par value of the Bonds as the Mayor and Controller may determine and set forth in the <br /> Issuer's Certificate, with the advice of the financial advisor to the City), plus accrued interest at <br /> the rate or rates named to the date of delivery, will be considered. The Controller shall have full <br /> right to reject any and all bids. In the event no acceptable bid is received at the time fixed in <br /> the notice for the sale of the Bonds, the Controller shall be authorized to continue to receive bids <br /> from day to day thereafter for a period not to exceed thirty (30) days, without readvertising; <br /> provided, however,that if said sale be continued, no bid shall be accepted which offers an interest <br /> cost which is equal to or higher than the best bid received at the time fixed for such sale in the <br /> notice of sale. <br /> SECTION 6. The Controller is hereby authorized and directed to have the Bonds <br /> prepared. In case any officer whose signature appears on the Bonds shall cease to hold that <br /> office before the delivery of the Bonds, the signature shall nevertheless be valid and sufficient <br /> -12- <br />
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