No. 1904 authorizing the issuance of bonds of the SB Redevelopment District for the purpose of raising money for Redevelopment and Economic Development in the SEDA (TJX)

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place of sale; and (6) the time within which the name, address and telephone number must be furnished, which must not be less than seven (7) days after the last publication of the notice. Each person so registered shall be notified of the date and time bids will be received not less than twenty -four (24) hours before the date and time of sale. The notification shall be made by telephone at the number furnished by the person, and also by telex if the person furnishes a telex number. Such notice may also include such other information as the Controller shall deem necessary. Such notice shall also provide, among other things, that each bid shall be accompanied by a certified or cashier's check or a financial surety bond in an amount equal to one percent (I%) of the principal amount of the Bonds to guarantee performance on the part of the bidder. Such notice shall provide further that, if a financial surety bond is used by the successful bidder, such bidder must submit the amount of the financial surety bond in the form of a certified or cashier's check or a wire transfer consisting of immediately available funds not later than 3:00 p.m. (local time) on the next business day following the award to the successful bidder by the City. Such notice shall provide further that, in the event the successful bidder shall fail or refuse to accept delivery of and pay for the Bonds as soon as the Bonds are ready for delivery, or at the time fixed in the notice of intent to sell, then such amount deposited with the City shall become the property of the City and shall be considered as the City's liquidated damages on account of such default. All bids for Bonds shall be sealed and shall be presented to the Controller at the Controller's office, and the Controller shall continue to receive all bids offered until the hour fixed for the sale of the Bonds, at which time and place the Controller shall open and consider each bid. Bidders for the Bonds shall be required to name the rate or rates of interest which the Bonds are to bear, not exceeding seven percent per annum (or such lesser rate as the Controller, with the advice of the financial advisor of the Commission, shall determine prior to the publication of the notice of intent to sell). Such interest rate or rates shall be in multiples of one - eighth (1/8) or one - twentieth (1/20) of one percent (1 %). Bids specifying more than one interest rate shall also specify the amount and maturities of the Bonds bearing each rate, and all Bonds maturing on the same date shall bear the same rate of interest. The interest rate on Bonds of a given maturity must be at least as great as the interest rate on Bonds of any earlier maturity. Subject to the provisions set forth below, the Controller shall award the Bonds to the bidder offering the lowest net interest cost to the City, to be determined by computing the total interest on all of the Bonds from the date thereof to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of any discount. No bid for less than ninety -seven percent (97 %) of the par value of the Bonds (or such higher percentage of the par value of the Bonds as the Controller, with the advice of the financial advisor to the Commission, shall determine prior to the publication of the notice of intent to sell), plus accrued interest at the rate or rates named to the date of delivery, will be considered. The Controller shall have full right to reject any and all bids. In the event no acceptable bid is received at the time fixed for the sale of the Bonds, the Controller shall be authorized to continue to receive bids from day to day thereafter for a period not to exceed thirty (30) days, without readvertising, pursuant to Indiana law. -19- SBIMAN 1 130621 v 1