1998-10-19 Resolution 130 - Laserfiche WebLink

Home Browse Search

• number furnished by such person and also by telex or facsimile if a telex or facsimile number has been furnished. Each bid must be for all of the Bonds and must state the rate or rates of interest therefor, not exceeding seven percent (7.0%) per annum. All bids for the Bonds shall be sealed in an envelope marked "Bid for South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 1998 (Blackthorn Golf Course Project)," and shall be presented to the Authority at the principal office of the Authority, and the Authority shall continue to receive all bids offered until the hour fixed for the sale of the Bonds, at which time and place each of such bids shall be opened and considered. Bidders for the Bonds shall be required to name the rate or rates of interest which the Bonds are to bear, not exceeding seven percent (7.0%) per annum. Such interest rate or rates must be multiples of one-eighth (1/8) or one-twentieth (1/20) of one percent (1.0%). The interest rate on Bonds of a given maturity must be at least as great as the interest rate on Bonds of the preceding maturity. Bids specifying more than one interest rate must also specify the maturity year of the Bonds bearing each rate, and all Bonds maturing on the same date shall bear the same single rate of interest. Subject to the provisions contained below, the Authority. shall award the Bonds to the bidder offering the lowest net interest cost to the Authority on the principal amounts of the Bonds indicated hereinabove, to be determined by computing the total interest on all Bonds from the date thereof to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of any discount, if any. Although not a term of sale, it is requested that each bid show the-net dollar interest cost to final maturity and the net effective average interest rate on the entire issue. No conditional bid or bids for less than ninety-nine percent (99.0%) of the par value of the Bonds, plus accrued interest at the rate or rates named to the date of delivery, will be considered. If the principal amount of the Bonds is adjusted, the purchase price of the Bonds shall be adjusted accordingly. The Authority shall have full right to reject any and all bids. In the event that the Authority does not award the Bonds to a bidder on the date of the sale, the Authority reserves the right to negotiate with any underwriter thereafter. Each bid must be sealed in an envelope marked "Bid for South Bend Redevelopment Authority Lease Rental Revenue Refunding Bonds of 1998 (Blackthorn Golf Course Project)." Each bid must be on a form approved by the Authority, without additions, alterations or erasures. Each bid must be accompanied by a certified or cashier's check or a Financial Surety Bond in the amount of one percent (1 %) of the principal amount of the Bonds. If a check is drawn, such check must be drawn on a bank or trust company which is insured by the Federal Deposit Insurance Corporation (the amount of the check or Surety Bond is hereafter referred to as the "Deposit"). In either case, the Deposit shall be made payable to the "South Bend Redevelopment Authority," to be held as a guarantee on the performance of the bid if the same be accepted or be immediately returned if the bid is not accepted. If a Financial Surety Bond is used, it must be from an insurance company, and such bond must be submitted to the Authority prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to a bidder utilizing a Financial Surety Bond, then that purchaser is required to submit its Deposit to the Authority in the form of a certified or cashier's check (or wire transfer such amount as instructed by the Authority) not later than 3:00 p.m. (E.S.T.) on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn upon by the Authority to satisfy. the Deposit requirements. No interest on the Deposit will accrue to the successful bidder. In the event the bidder to whom said Bonds -5-