No. 1965 authorizing the issuance of tax increment revenue bonds, series 2003, of the SB redevelopment district

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w 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 -nine percent (99 %) 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. (c) The Bonds shall be offered and sold pursuant to an Official Statement with respect to the Bonds (the "Official Statement "), to be made available and distributed in such manner, at such times, for such periods and in such number of copies as may be required pursuant to Rule 15c2 -12 promulgated by the United States Securities and Exchange Commission (the "Rule "). The Commission hereby authorizes the Controller to approve the form of the Preliminary Official Statement upon the advice of counsel with such approval to be conclusively evidenced by signature of the Controller thereon. The Commission hereby authorizes the Controller to deem "final" the Preliminary Official Statement, as of its date, in accordance with the provisions of the Rule, subject to completion as permitted by the Rule, and the Commission further authorizes the distribution of the deemed final Official Statement. The Commission hereby authorizes and directs the Controller, upon the advice of the counsel to place into final form and distribute and cause to be delivered the final Official Statement in accordance with the Rule, and further authorizes the Controller to execute the final SBIMANI 145795v2 -21-