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SM 10-05-66
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SM 10-05-66
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11/6/2012 2:36:50 PM
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9/7/2012 1:49:30 PM
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5. All bids for said bonds shall be sealed and shall <br />be presented to the City Controller at his office. Bidders <br />for said bonds shall be required to name the rate or rates of <br />interest which the bonds are to bear, not exceeding five per <br />cent (5/) per annum, and such interest rate or rates shall be <br />in multiples of one - eighth (1/8) of one per cent (1/) and <br />not more than three (3) interest rates shall be named by each <br />bidder. Bids specifying more than one interest rate shall <br />also specify the amount and maturities of the bonds bearing <br />each rate, but all bonds maturing on the same date shall bear <br />the same rate. The Controller shall award the bonds to the <br />highest qualified bidder. The highest bidder shall be the one <br />wh6 offers the lowest net interest cost to the Commission, to <br />be determined by computing the total interest on all of the <br />bonds to their maturities and deducting therefrom the premium <br />bid, if any. No bid for less than the par value of said <br />bo ds, including accrued interest at the rate named to the <br />date of delivery, shall be considered. The Controller shall <br />have full right to reject any and all bids. In the event no <br />satisfactory bids are received on the day named in said notice, <br />thE Controller shall be authorized to continue the sale from <br />da to day thereafter for a period of thirty (30) days without <br />re advertisement; provided,'however, that if said sale be continued, <br />no bid shall be accepted which is lower than the highest bid <br />received at the time fixed for said sale in the bond sale notice. <br />/U <br />XERO %EROgr XE.Fi`pl <br />g°n i'Of Y �COPY� ^OPY IC OP Y� <br />
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