60-18 Bond Financing for the Community Center Project

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place of payment,that specifications and information concerning the Bonds are on file in the office of the Controller and are available on request, 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 Controller shall deem necessary. (b) All bids for the Bonds shall be presented to the Controller in accord with the terms set forth in the sale notice. Bidders for the Bonds shall be required to name the rate or rates of interest which the Bonds are to bear, which shall be the same for all Bonds maturing on the same date,not exceeding seven and one-half percent(7.50%)per annum, and such interest rate or rates shall be in multiples of one-eighth or one-hundredth of one per cent. The Controller shall award the Bonds to the bidder making a bid that conforms to the specifications herein and which produces the lowest True Interest Cost rate to the City. The True Interest Cost rate is that rate which, when used to compute the total present value as of the date of delivery of the Bonds of all debt service payments on the Bonds on the basis of semiannual compounding,produces an amount equal to the sum of the par value of the Bonds minus any premium bid plus any discount. No bid for less than ninety-eight percent (98.0%) of the par value of the Bonds for any such bonds to be sold by competitive sale shall be considered (or such higher amount as determined by the Controller prior to the sale of Bonds). The successful bidder must provide to the City a certified or cashier's check (or wire transfer) payable to the order of the City, in an amount not to exceed one percent(1%)of the aggregate principal amount of the Bonds as a guaranty of the performance of said bid,)not later than 3:30 p.m. (Eastern Time) on the next business day following the award. If a check is submitted, it must be drawn on a bank or trust company that is insured by the Federal Deposit Insurance Corporation. 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 be continued,no bid shall be accepted which offers a net 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 Controller shall have full right to reject any and all bids. (c) As an alternative to public sale,the Controller may negotiate the sale of the Bonds to an underwriter or financial institution. The Mayor is authorized to execute and the Clerk or Controller is authorized to attest a bond purchase agreement(the"Bond Purchase Agreement") with such underwriter or financial institution, in customary form, upon such terms as are acceptable to the Mayor consistent with the terms of this Ordinance. (d) Distribution of an Official Statement (Preliminary and Final) when and if prepared by the City's municipal advisor,on behalf of the City,is hereby authorized and approved, and the Executive is authorized and directed to execute the Official Statement on behalf of the City in a form consistent with this Ordinance. The Mayor or the Controller is authorized to deem the Preliminary Official Statement as "final" for purposes of Rule 15c2-12 promulgated by the Securities and Exchange Commission. (e) After the Bonds have been properly sold and executed, the Controller shall receive from the purchasers payment for the Bonds and shall provide for delivery of the Bonds to the purchasers. (f) The Bonds, as and to the extent paid for and delivered to the purchaser shall be special limited obligations of the City, payable solely from TIF Revenues as set forth in the 5