My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
10632-18 Bond Financing for the Community Center Project (St. Joseph County Public Library)
sbend
>
Public
>
Common Council
>
Legislation
>
Ordinances
>
2018
>
10632-18 Bond Financing for the Community Center Project (St. Joseph County Public Library)
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/28/2018 12:57:51 PM
Creation date
11/28/2018 12:57:12 PM
Metadata
Fields
Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/26/2018
Ord-Res Number
10632-18
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
87
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
place of payment,that specifications and information concerning the Bonds are on file in the office <br /> of the Controller and are available on request, the terms and conditions upon which bids will be <br /> received and the sale made and such other information as is required by law or as the Controller <br /> shall deem necessary. <br /> (b) All bids for the Bonds shall be presented to the Controller in accord with <br /> the terms set forth in the sale notice. Bidders for the Bonds shall be required to name the rate or <br /> rates of interest which the Bonds are to bear, which shall be the same for all Bonds maturing on <br /> the same date,not exceeding seven and one-half percent(7.50%)per annum, and such interest rate <br /> or rates shall be in multiples of one-eighth or one-hundredth of one per cent. The Controller shall <br /> award the Bonds to the bidder making a bid that conforms to the specifications herein and which <br /> produces the lowest True Interest Cost rate to the City. The True Interest Cost rate is that rate <br /> which, when used to compute the total present value as of the date of delivery of the Bonds of all <br /> debt service payments on the Bonds on the basis of semiannual compounding,produces an amount <br /> equal to the sum of the par value of the Bonds minus any premium bid plus any discount. No bid <br /> for less than ninety-eight percent (98.0%) of the par value of the Bonds for any such bonds to be <br /> sold by competitive sale shall be considered (or such higher amount as determined by the <br /> Controller prior to the sale of Bonds). The successful bidder must provide to the City a certified <br /> or cashier's check (or wire transfer) payable to the order of the City, in an amount not to exceed <br /> one percent(1%) of the aggregate principal amount of the Bonds as a guaranty of the performance <br /> of said bid,)not later than 3:30 p.m. (Eastern Time) on the next business day following the award. <br /> If a check is submitted, it must be drawn on a bank or trust company that is insured by the Federal <br /> Deposit Insurance Corporation. In the event no satisfactory bids are received on the day named in <br /> the sale notice,the sale may be continued from day to day thereafter for a period of thirty(30)days <br /> without readvertisement;provided,however,that if said sale be continued,no bid shall be accepted <br /> which offers a net interest cost which is equal to or higher than the best bid received at the time <br /> fixed for sale in the bond sale notice. The Controller shall have full right to reject any and all bids. <br /> (c) As an alternative to public sale, the Controller may negotiate the sale of the <br /> Bonds to an underwriter or financial institution. The Mayor is authorized to execute and the Clerk <br /> or Controller is authorized to attest a bond purchase agreement(the"Bond Purchase Agreement") <br /> with such underwriter or financial institution, in customary form, upon such terms as are <br /> acceptable to the Mayor consistent with the terms of this Ordinance. <br /> (d) Distribution of an Official Statement (Preliminary and Final) when and if <br /> prepared by the City's municipal advisor,on behalf of the City,is hereby authorized and approved, <br /> and the Executive is authorized and directed to execute the Official Statement on behalf of the City <br /> in a form consistent with this Ordinance. The Mayor or the Controller is authorized to deem the <br /> Preliminary Official Statement as "final" for purposes of Rule 15c2-12 promulgated by the <br /> Securities and Exchange Commission. <br /> (e) After the Bonds have been properly sold and executed, the Controller shall <br /> receive from the purchasers payment for the Bonds and shall provide for delivery of the Bonds to <br /> the purchasers. <br /> (f) The Bonds, as and to the extent paid for and delivered to the purchaser shall <br /> be special limited obligations of the City, payable solely from TIF Revenues as set forth in the <br /> Trust Indenture. The proper officers of the City are hereby directed to sell the Bonds to the <br /> purchasers and to do whatever acts and things which may be necessary to carry out the provisions <br /> of this Ordinance. <br /> (g) In order to assist any underwriter of the Bonds in complying with paragraph <br /> (b)(5)of the SEC Rule by undertaking to make available appropriate disclosure about the City and <br /> the Bonds to participants in the municipal securities market,the City hereby covenants, agrees and <br /> undertakes, in accordance with the SEC Rule, unless excluded from the applicability of the SEC <br /> Rule or otherwise exempted from the provisions of paragraph (b)(5) of the SEC Rule, that it will <br /> comply with and carry out all of the provisions of the continuing disclosure contract. "Continuing <br /> Disclosure Contract" shall mean that certain continuing disclosure contract executed by the City <br /> and dated the date of issuance of the Bonds, as originally executed and as it may be amended from <br /> time to time in accordance with the terms thereof. The execution and delivery by the City of the <br /> continuing disclosure contract, and the performance by the City of its obligations thereunder by or <br /> through any employee or agent of the City, are hereby approved, and the City shall comply with <br /> and carry out the terms thereof. <br /> 4 <br />
The URL can be used to link to this page
Your browser does not support the video tag.