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10134-11 Waterworks Revenue Bonds $8,300,000
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10134-11 Waterworks Revenue Bonds $8,300,000
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Last modified
12/2/2011 12:45:20 PM
Creation date
12/2/2011 12:45:17 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/28/2011
Ord-Res Number
10134-11
Bill Number
70-11
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SECTION 10. Sale of Bonds. <br /> (a)(i) The Fiscal Officer shall cause to be published either (i) a notice of sale <br /> once each week for two consecutive weeks in accordance with I.C.§5-3-1-2, in which case the <br /> date fixed for the sale shall not be earlier than fifteen(15) days after the first of such publications <br /> and not earlier than three (3) days after the second of such publications, or (ii) a notice of intent <br /> 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 <br /> and in a newspaper of general circulation published in the State capital, in which case bids may <br /> not be received more than ninety (90) days after the first of such publications. Said sale notice <br /> shall state the time and place of sale, the purpose for which the 2012 Bonds are being issued, the <br /> total amount thereof, the amount and date of each maturity,the maximum rate or rates of interest <br /> thereon, their denominations, the time and place of payment, the terms and conditions upon <br /> which bids will be received and the sale made and such other information as is required by law <br /> or as the Fiscal Officer shall deem necessary. The Fiscal Officer is designated as the officer <br /> responsible for the sale of the 2012 Bonds, and shall provide or cause to be provided all notices <br /> required by law. <br /> All bids for the 2012 Bonds shall be sealed and shall be presented to the Fiscal Officer in <br /> accord with the terms set forth in the sale notice. Bidders for the 2012 Bonds shall be required to <br /> name the rate or rates of interest which the 2012 Bonds are to bear, which shall be the same for <br /> all 2012 Bonds maturing on the same date and the interest rate bid on any maturity of 2012 <br /> Bonds must be no less than the interest rate bid on any and all prior maturities, not exceeding <br /> eight percent (8%) per annum, and such interest rate or rates shall be in multiples of one <br /> hundredth of one percent. The Fiscal Officer shall award the 2012 Bonds to the bidder who <br /> offers the lowest interest cost, to be determined by computing the total interest on all the 2012 <br /> Bonds to their maturities and deducting therefrom the premium bid, if any, or adding thereto the <br /> amount of the discount, if any. No bid for less than ninety-nine percent(99%) of the par value of <br /> the 2012 Bonds, plus accrued interest, sha11 be considered. The Fiscal Officer may require that <br /> all bids be accompanied by certified or cashier's checks payable to the order of the City, or a <br /> surety bond, in an amount not to exceed one percent of the aggregate principal amount of the <br /> 2012 Bonds as a guaranty of the performance of said bid, should it be accepted. In the event no <br /> satisfactory bids are received on the day named in the sale notice, the sale may be continued <br /> from day to day thereafter for a period of thirty (30) days without readvertisement; provided, <br /> however, that if said sale is continued, no bid shall be accepted which offers an interest cost <br /> which is equal to or higher than the best bid received at the time fixed for sale in the bond sale <br /> notice. The Fiscal Officer shall have full right to reject any and all bids. <br /> After the 2012 Bonds have been properly sold and executed, the Fiscal Officer shall <br /> receive from the purchasers payment for the 2012 Bonds and shall provide for delivery of the <br /> 2012 Bonds to the purchasers. <br /> (b) The 2012 Bonds, as and to the extent paid for and delivered to the <br /> purchaser shall be the binding special revenue obligations of the City, payable out of the Net <br /> Revenues. The proper officers of the City are hereby directed to sell the 2012 Bonds to the <br /> purchaser, to draw all proper and necessary warrants, and to do whatever acts and things which <br /> may be necessaxy to carry out the provisions of this Ordinance. <br /> - 16 - <br />
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