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8419-93 Amending Ordinance #8318-92 Issuance of Revenue Bonds Waterworks
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8419-93 Amending Ordinance #8318-92 Issuance of Revenue Bonds Waterworks
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10/2/2012 3:03:42 PM
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10/2/2012 3:03:39 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/27/1993
Ord-Res Number
8419-93
Bill Number
81-93
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• <br /> and Indiana Code 5-1-11 and in such other publications, <br /> if any, deemed appropriate in the discretion of the <br /> Controller. The notice shall state that any person <br /> interested in submitting a bid for the Bonds may furnish <br /> in writing, at the address set forth in the notice, the <br /> person's name, address and telephone number, and that any <br /> such person may also furnish a telex number. The notice <br /> must also state the time within which the name, address <br /> and telephone number must be furnished, which must not <br /> be less than seven (7) days after the last publication <br /> of the notice. Each person so registered shall be <br /> notified of the date and time bids will be received not <br /> less than twenty-four (24) hours before the date and time <br /> of sale. The notification shall be made by telephone at <br /> the number furnished by the person, and also by telex if <br /> the person furnishes a telex number. <br /> The notice of intent to sell bonds shall state <br /> further the purpose for which the Bonds are being issued, <br /> the total amount, maturities, and denominations thereof, <br /> the maximum rate of interest thereon and any limitations <br /> as to the number of interest rates and the setting of <br /> such rates, the terms and conditions upon which bids will <br /> be received and the sale made, and such other information <br /> as the Controller and the attorneys employed by the City <br /> or by the Board shall deem necessary or advisable. Such <br /> notice shall provide, among other things, that each bid <br /> shall be accompanied by a certified or cashier's check <br /> in the amount equal to one percent (1%) of the principal <br /> amount of the Bonds to guarantee performance on the part <br /> of the bidder, and that in the event the successful <br /> bidder shall fail or refuse to accept delivery of and pay <br /> for the Bonds as soon as the Bonds are ready for <br /> delivery, or at the time fixed in the notice, then such <br /> check and the proceeds thereof shall become the property <br /> of the City and shall be considered as the City's <br /> liquidated damages on account of such default. <br /> All bids for the Bonds shall be sealed and <br /> shall be presented to the Controller at the office of the <br /> Controller. Bidders for the Bonds shall be required to <br /> name the rate or rates of interest which the Bonds are <br /> to bear, which rate or rates shall not exceed eight <br /> percent (8%) . Bids specifying more than one interest <br /> rate shall also specify the amount and maturities of the <br /> Bonds bearing each rate. All Bonds maturing on the same <br /> date shall bear the same interest rate. The Controller <br /> shall award the Bonds to the best bidder who has <br /> submitted a bid in accordance with the terms of this <br /> Ordinance and the notice. The best bidder will be the <br /> one who offers the lowest interest cost to the City, to <br /> be determined by computing the total interest on all of <br /> 9 <br />
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