25-20 Sewage Works Refunding Bond Ordinance

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with the first publication made at least fifteen(15)days before the date of such sale and the second publication at least three(3) days before the date of the sale in accordance with Indiana Code 5-3- 1-2 in one(1)newspaper,as defined in and in accordance with Indiana Code 5-3-1-4 or(ii)a notice of intent to sell bonds once each week for two (2) weeks in accordance with Indiana Code 5-1-11- 2 and Indiana Code 5-3-1-4 and in a newspaper of general circulation published in the State capital, in which case bids may not be received more than ninety(90)days after the first publication. Such notice, or a summary thereof,may also be published in any other publications deemed appropriate in the discretion of the Controller. The bond sale notice shall state the time and place of sale, the purpose for which the Refunding Bonds are being issued, the total amount and maturities thereof, the maximum rate of interest thereon and any limitations as to the number of interest rates and the setting of such rates, the terms and conditions upon which bids will be received and the sale made, and such other information as the Controller and the attorneys employed by the City shall deem necessary or advisable. Such notice shall provide, among other things, that the successful bidder shall provide to the City a good faith deposit in the form of cash, a certified or cashier's check payable to the order of the City, or wire transfer (as instructed by the City) (the "Deposit") in an amount of one percent (1.0%) of the par amount of the Refunding Bonds being sold to guarantee performance on the part of said bidder. The successful bidder shall be required to submit to the City the Deposit not later than 3:30 p.m. (local time)on the next business day following the award. In the event that the successful bidder shall fail or refuse to accept delivery of and pay for the Refunding Bonds as soon as the Refunding Bonds are ready for delivery, or at the time fixed in the notice of sale,then such Deposit and the proceeds thereof shall become the property of the City and shall be considered as the City's liquidated damages on account of such default. All bids for the Refunding Bonds shall be sealed and shall be presented to the Controller or her designee at the physical or electronic address identified in the notice. Bidders for the Refunding Bonds shall be required to name the rate or rates of interest which the Refunding Bonds are to bear, not exceeding six percent (6.00%) per annum. Such interest rate or rates shall be in multiples of one-eighth(1/8), one-twentieth(1/20),or one-hundredth(1/100)of one percent. Bids specifying more than one interest rate shall also specify the amount and maturities of the Refunding Bonds bearing each rate, and all Refunding Bonds maturing on the same date shall bear the same rate. The Refunding Bonds shall be awarded by the Controller to the best bidder who has submitted a bid in accordance with the terms of this Ordinance and the notice of sale. The best bidder will be the bidder who offers the lowest net interest cost to the City, to be determined by computing the total interest on all of the Refunding Bonds being sold from the date thereof to their respective maturities and deducting therefrom the premium bid, if any. No bid for less than the minimum percentage of the principal amount of the Refunding Bonds set forth in Section 2 hereof, plus accrued interest to the date of delivery, if any, shall be considered. The City shall have the right to reject any and all bids. In the event an acceptable bid is not received on the date fixed in the notice, the Controller shall be authorized to continue the sale from day to day for a period of not to exceed thirty(30)days without readvertising. During the continuation of the sale,no bid shall be accepted which offers an interest cost which is equal to or higher than the best bid received at the time originally fixed for the sale of the Refunding Bonds in the bond sale notice. (c) As an alternative to a competitive bid sale, the Controller is authorized to negotiate the sale of any of the Refunding Bonds at an interest rate or rates not exceeding six percent (6.00%) per annum. The Mayor and the Clerk are hereby authorized to (i) execute and attest, respectively, a purchase agreement with the purchaser, and (ii) sell such Refunding Bonds - 10 -