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on the part of the bidder. Such notice shall provide further that, if a financial <br />surety bond is used by the successful bidder, such bidder must submit the amount <br />of the financial surety bond in the form of a certified or cashier's check or a wire <br />transfer consisting of immediately available funds not later than 3:00 p.m. (local <br />time) on the next business day following the award to the successful bidder by the <br />City. Such notice shall provide further that, in the event the successful bidder <br />shall fail or refuse to accept delivery of and pay for the Bonds as soon as the <br />Bonds are ready for delivery, or at the time fixed in the notice of intent to sell, <br />then such amount deposited with the City shall become the property of the City <br />and shall be considered as the City's liquidated damages on account of such <br />default. <br />All bids for Bonds shall be sealed and shall be presented to the <br />Controller at the Controller's office, and the Controller shall continue to receive <br />all bids offered until the hour fixed for the sale of the Bonds, at which time and <br />place the Controller shall open and consider each bid. Bidders for the Bonds shall <br />be required to name the rate or rates of interest which the Bonds are to bear, not <br />exceeding seven percent per annum (or such lesser rate as the Controller, with the <br />advice of the financial advisor of the Commission, shall determine prior to the <br />publication of the notice of intent to sell). Such interest rate or rates shall be in <br />multiples of one - eighth (1/8) or one - twentieth (1/20) of one percent (1 %). Bids <br />specifying more than one interest rate shall also specify the amount and maturities <br />of the Bonds bearing each rate, and all Bonds maturing on the same date shall <br />,„r bear the same rate of interest. The interest rate on Bonds of a given maturity must <br />be at least as great as the interest rate on Bonds of any earlier maturity. <br />Subject to the provisions set forth below, the Controller shall <br />award the Bonds to the bidder offering the lowest net interest cost to the City, to <br />be determined by computing the total interest on all of the Bonds from the date <br />thereof to their maturities and deducting therefrom the premium bid, if any, or <br />adding thereto the amount of any discount. No bid for less than ninety -nine <br />percent (99 %) of the par value of the Bonds (or such higher percentage of the par <br />value of the Bonds as the Controller, with the advice of the financial advisor to <br />the Commission, shall determine prior to the publication of the notice of intent to <br />sell), plus accrued interest at the rate or rates named to the date of delivery, will <br />be considered. The Controller shall have full right to reject any and all bids. In <br />the event no acceptable bid is received at the time fixed for the sale of the Bonds, <br />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, <br />pursuant to Indiana law. <br />(c) If sold to the Bond Bank, the Bonds shall be sold in such <br />denomination or denominations as the Bond Bank may request, and pursuant to a <br />purchase agreement (the "Purchase Agreement ") between the Commission and the <br />Bond Bank, hereby authorized to be entered into and executed by the President on <br />behalf of the Commission, and attested by the Controller, subsequent to the date <br />SBIMANI 158875v2 - 9 - <br />