1998-10-19 Resolution 130 - Laserfiche WebLink

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.~ • 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 __,-::whereto 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 acce ted or be immediate) re p y turned if the. -5- :OD1vIA1I'CDOCS\SBDOCS 1\24381\1