RM 07-07-60 - Laserfiche WebLink

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.on Noi 16 5. All bids for said bonds shall be sealed and shall be presented to the City Controller at his office. Bidders for said bonds shall be required to name the rate or rates of interest which the bonds are to bear, not ex- ceeding four per cent (4 0/6) per annum, and such interest rate or rates shall be in multiples of one - eighth (1/8) of one per cent (1 %) and not more than three (3) interest rates shall be named by each bidder. Bids specifying more d#n one interest shall also specify the amount and maturities of the bonds bearing each rate, but all bonds maturing on the same date shall bear the same rate. The Controller shall award the bonds to the highest quali- fied bidder. The highest bidder shall be the one who offers the lowest net interest cost to the Commission, to be determined by computing the total interest on all of the bonds to their maturities and deducting therefrom the premium bid, if any. No bid for less than the par value of said bonds, in- cluding ccrued interest at the rate named to the date of delivery, shall be conside ed. The Controller shall have full right to reject any and all bids In the a ent no satisfactory bids are received on the day named in said notice: the Con roller shall be authorized to continue the sale from day to day there- after for a period of thirty (30) days without readvertisement; provide, how- ever, that if said sale be continued, no bid shall be accepted which is lower than the highest bid received at the time fixed for said sale in the bond sale notice. he City Controller is hereby authorized and directed to obtain legal opinion s to the validity of said bonds from Ross McCord Ice & Miller, bond counsel of Indianapolis, and to furnish, such opinion to the purchaser of said bonds. The cost of said opinion shall be considered a part of the cost of said project and shall be paid out of the proceeds of said bonds. 6. The Mayor is hereby authorized to execute said bonds and the City Controll r is hereby authorized and directed to have said bonds and coupons prepare , attest the bonds, affix his seal, and execute the interest coupons 7 ..