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Municipal Waterworks Revenue Bonds
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1992
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Municipal Waterworks Revenue Bonds
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Last modified
5/13/2013 1:13:21 PM
Creation date
10/11/2012 11:36:33 AM
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Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/23/1992
Ord-Res Number
8318-92
Bill Number
93-92
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T I , <br /> f Y <br /> state that any person interested in submitting <br /> a bid for the Bonds may furnish in writing, at <br /> the address set forth in the notice, the <br /> person's name, address and telephone number, <br /> and that any such person may also furnish a <br /> telex number. The notice must also state the <br /> time within which the name, address and <br /> telephone number must be furnished, which must <br /> not be less than seven (7) days after the last <br /> publication of the notice. <br /> Any notice, whether a bond sale notice or a notice of <br /> intent to sell bonds, shall state further the purpose for which the <br /> Bonds are being issued, the total amount, maturities, and <br /> denominations thereof, the maximum rate of interest thereon and any <br /> limitations as to the number of interest rates and the setting of <br /> such rates, the terms and conditions upon which bids will be <br /> received and the sale made, and such other information as the <br /> Controller and the attorneys employed by the City or by the Board <br /> shall deem necessary or advisable. Such notice shall provide, <br /> among other things, that each bid shall be accompanied by a <br /> certified or cashier's check in the amount equal to one percent <br /> (1%) of the principal amount of the Bonds to guarantee performance <br /> on the part of the bidder, and that in the event the successful <br /> bidder shall fail or refuse to accept delivery of and pay for the <br /> Bonds as soon as the Bonds are ready for delivery, or at the time <br /> fixed in the notice, then such check and the proceeds thereof shall <br /> become the property of the City and shall be considered as the <br /> City's liquidated damages on account of such default. <br /> All bids for the Bonds shall be sealed and shall be <br /> presented to the Controller at the office of the Controller. <br /> Bidders for the Bonds shall be required to name the rate or rates <br /> of interest which the Bonds are to bear, which rate or rates shall <br /> not exceed ten percent (10%) . Such interest rate or rates shall <br /> be in multiples of one-eighth (1/8) or one-twentieth (1/20) of one <br /> percent (1. 00%) . Bids specifying more than one interest rate shall <br /> also specify the amount and maturities of the Bonds bearing each <br /> rate. All Bonds maturing on the same date shall bear the same <br /> interest rate. The Controller shall award the Bonds to the best <br /> bidder who has submitted a bid in accordance with the terms of this <br /> Ordinance and the notice. The best bidder will be the one who <br /> offers the lowest interest cost to the City, to be determined by <br /> computing the total interest on all of the Bonds from the date <br /> thereof to their respective maturities and deducting therefrom the <br /> premium bid, if any, or adding thereto the amount of any discount. <br /> No bid for less than all of the Bonds or for less than ninety- <br /> seven percent (97%) of the par value of the Bonds, plus accrued <br /> interest to the date of delivery, shall be considered. The City <br /> shall have the right to reject any and all bids. In the event an <br /> acceptable bid is not received on the date fixed in the notice, the <br /> Controller shall be authorized to continue the sale from day to day <br /> 10 <br />
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