10134-11 Waterworks Revenue Bonds $8,300,000

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SECTION 10. Sale of Bonds. (a)(i) The Fiscal Officer shall cause to be published either (i) a notice of sale once each week for two consecutive weeks in accordance with I.C.§5-3-1-2, in which case the date fixed for the sale shall not be earlier than fifteen(15) days after the first of such publications and not earlier than three (3) days after the second of such publications, or (ii) a notice of intent to sell bonds once each week for two weeks in accordance with I.C. §5-1-11-2 and I.C. §5-3-1-4 and in a newspaper of general circulation published in the State capital, in which case bids may not be received more than ninety (90) days after the first of such publications. Said sale notice shall state the time and place of sale, the purpose for which the 2012 Bonds are being issued, the total amount thereof, the amount and date of each maturity,the maximum rate or rates of interest thereon, their denominations, the time and place of payment, the terms and conditions upon which bids will be received and the sale made and such other information as is required by law or as the Fiscal Officer shall deem necessary. The Fiscal Officer is designated as the officer responsible for the sale of the 2012 Bonds, and shall provide or cause to be provided all notices required by law. All bids for the 2012 Bonds shall be sealed and shall be presented to the Fiscal Officer in accord with the terms set forth in the sale notice. Bidders for the 2012 Bonds shall be required to name the rate or rates of interest which the 2012 Bonds are to bear, which shall be the same for all 2012 Bonds maturing on the same date and the interest rate bid on any maturity of 2012 Bonds must be no less than the interest rate bid on any and all prior maturities, not exceeding eight percent (8%) per annum, and such interest rate or rates shall be in multiples of one hundredth of one percent. The Fiscal Officer shall award the 2012 Bonds to the bidder who offers the lowest interest cost, to be determined by computing the total interest on all the 2012 Bonds to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of the discount, if any. No bid for less than ninety-nine percent(99%) of the par value of the 2012 Bonds, plus accrued interest, sha11 be considered. The Fiscal Officer may require that all bids be accompanied by certified or cashier's checks payable to the order of the City, or a surety bond, in an amount not to exceed one percent of the aggregate principal amount of the 2012 Bonds as a guaranty of the performance of said bid, should it be accepted. In the event no satisfactory bids are received on the day named in the sale notice, the sale may be continued from day to day thereafter for a period of thirty (30) days without readvertisement; provided, however, that if said sale is continued, no bid shall be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for sale in the bond sale notice. The Fiscal Officer shall have full right to reject any and all bids. After the 2012 Bonds have been properly sold and executed, the Fiscal Officer shall receive from the purchasers payment for the 2012 Bonds and shall provide for delivery of the 2012 Bonds to the purchasers. (b) The 2012 Bonds, as and to the extent paid for and delivered to the purchaser shall be the binding special revenue obligations of the City, payable out of the Net Revenues. The proper officers of the City are hereby directed to sell the 2012 Bonds to the purchaser, to draw all proper and necessary warrants, and to do whatever acts and things which may be necessaxy to carry out the provisions of this Ordinance. - 16 -