11-22-2021 FINAL Agenda Packet - Laserfiche WebLink

Home Browse Search

6 shall state the time and place of sale, the purpose for which the Bonds are being issued, the total amount thereof, the maturity dates and the original issued amounts, the maximum rate or rates of interest thereon, their denominations, the time and place of payment, that specifications and information concerning the Bonds are on file in the office of the Controller and are available on request, 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. As an alternative to the publication of a notice of sale, the Controller may sell the Bonds through the publication of a notice of intent to sell the Bonds and compliance with related procedures, pursuant to Indiana Code § 5-1-11-2(b), as amended. All bids for the Bonds shall be sealed and shall be presented to the Controller in accord with the terms set forth in the bond sale notice. Bidders for the Bonds shall be required to name the rate or rates of interest which the Bonds are to bear, not exceeding six and one-half percent (6.50%) per annum (or such lesser not to exceed interest rate as determined by the Controller prior to the publication of the notice of sale upon the advice of the Municipal Advisor), and such interest rate or rates shall be in multiples of one eighth, one twentieth, or one hundredth, of one per cent. The Controller shall award the Bonds to the bidder who offers the lowest True Interest Cost rate with respect to the Bonds, which is that rate which, when used to compute the total present value as of the date of delivery of the Bonds of all debt service payments on the Bonds on the basis of semiannual compounding, produces an amount equal to the sum of the par value of the Bonds, minus any premium bid plus any discount. No bid for less than ninety-nine percent (99.00%) of the par value of the Bonds shall be considered (or such higher amount as determined by the Controller prior to the sale of the Bonds). The successful bidder must provide to the City a certified or cashier's check (or wire transfer) payable to the order of the City, in an amount not to exceed one percent (1%) of the aggregate principal amount of the Bonds as a guaranty of the performance of said bid, not later than 3:30 p.m. (Eastern Time) on the next business day following the award. If a check is submitted, it must be drawn on a bank or trust company that is insured by the Federal Deposit Insurance Corporation. In the event no satisfactory bids are received on the day named in the sale notice, the sale may be continued from day to day thereafter for a period of thirty (30) days without readvertisement; provided, however, that if said sale is continued, no bid shall be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for sale in the bond sale notice. The Controller shall have full right to reject any and all bids. Notwithstanding anything in this Ordinance to the contrary and in lieu of a competitive sale of the Bonds pursuant to this Section, the Mayor and the Controller, upon consultation with the Municipal Advisor, may determine to provide for the Bonds to be sold through a negotiated sale in the manner and upon the terms and conditions set forth in a purchase agreement between the City and an underwriter, bank, financial institution or other purchaser (the “Purchaser”) to be selected by the Mayor and the Controller, at such prices and on such terms as may be determined at the time of such sale and approved by the Mayor and the Controller. The Mayor and the Controller are hereby authorized to approve and execute a bond purchase agreement (the “Purchase Agreement”) for the Bonds with the Purchaser, in a form and substance approved by such officers, such approval to be conclusively evidenced by the execution thereof. Such Purchase Agreement may set forth the definitive terms and conditions for such sale, but all such terms and conditions must be consistent with the terms and conditions of this Ordinance,