10189-12 Authorizing Issuance & sale of additional revenue bonds to provide funds 2012 Sewage Works Construction Fund

Home Browse Search

During any time that the 2012 Bonds are held in book-entry form on the books of a Clearing Agency, the Mayor, the Controller and/or the Registrar are authorized to execute and deliver a Letter of Representations agreement with the Clearing Agency or a Blanket Issuer Letter of Representations (the "DTC Letter of Representations"), and the provisions of any such DTC Letter of Representations or any successor agreement shall control on the matters set forth therein. The Registrar, by accepting the duties of Registrar under this Ordinance, agrees that it will (i) undertake the duties of agent required thereby and that those duties to be undertaken by either the agent or the issuer shall be the responsibility of the Registrar, and (ii) comply with all requirements of the Clearing Agency, including, without limitation, same day funds settlement payment procedures. Further, during any time that the 2012 Bonds are held in book-entry form, the provisions of this section shall control over conflicting provisions in any other section hereof. SECTION 8. Sale of Bonds. (a) The Controller is hereby authorized and directed to have the 2012 Bonds prepared, and the Mayor, Controller and the Clerk are hereby authorized and directed to execute the 2012 Bonds in substantially the form and the manner herein provided. (b) The 2012 Bonds shall be sold in a competitive sale. The Controller shall cause to be published either (i) a notice of sale once each week for two consecutive weeks in accordance with I.C.§5-3-1-2, in which case the date fixed for the sale shall not be earlier than fifteen (15) days after the first of such publications and not earlier than three (3) days after the second of such publications, or (ii) a notice of intent to sell bonds once each week for two weeks in accordance with I.C. §5-1-11-2 and I.C. §5-3-1-4 and in a newspaper of general circulation published in the State capital. Said sale notice shall state the time and place of sale, the purpose for which the 2012 Bonds are being issued, the total amount thereof, the amount and date of each maturity, the maximum rate or rates of interest thereon, their denominations, the time and place of payment, the terms and conditions upon which bids will be received and the sale made and such other information as is required by law or as the Controller shall deem necessary. The Controller is designated as the officer responsible for the sale of the 2012 Bonds, and shall provide or cause to be provided all notices required by law. All bids for the 2012 Bonds shall be presented to the Controller in accord with the terms set forth in the sale notice. Bidders for the 2012 Bonds shall be required to name the rate or rates of interest which the 2012 Bonds are to bear, which shall be the same for all 2012 Bonds maturing on the same date and the interest rate bid on any maturity of 2012 Bonds must be no less than the interest rate bid on any and all prior maturities, not exceeding eight percent (8%) per annum, and such interest rate or rates shall be in multiples of one-one hundredth (1/100) of one percent (1%). The Controller shall award the 2012 Bonds to the bidder who offers the lowest interest cost, to be determined by computing the total interest on all the 2012 Bonds to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of the discount, if any. No bid for less than ninety-nine percent (99%) of the par value of the 2012 Bonds, plus accrued interest, shall be considered. The Controller may require that the successful bidder provide to the City a good faith deposit in the form of cash, certified or cashier's checks payable to the order of the City, or wire transfer (as instructed by the City) (the "Deposit"), in an amount not to exceed one percent (1%) of the aggregate principal amount of the 2012 Bonds as a guaranty of the performance of said bid. The successful bidder shall be required to submit to the - 1 0 -