1998-10-19 Resolution 130 - Laserfiche WebLink

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• 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 are awarded shall fail or refuse to comply with the provisions of the bid and this notice, such Deposit shall become the property of the Authority and shall betaken and considered as liquidated damages of the Authority • on account of such failure or refusal. The checks of unsuccessful bidders will be returned immediately following the award of the Bonds. The successful bidder will be required to make payment for the Bonds in Federal Reserve or other immediately available funds and accept delivery of the Bonds within five (5) days after being notified that the Bonds are ready for delivery, at a bank designated by the Authority. Any premium bid and accrued interest must be paid in cash at the time of delivery as a part of the purchase price for the Bonds. The Bonds will be ready for delivery within thirty (30) days after the date on which the award is made, and if not deliverable within that period, the successful bidder will be entitled to rescind the sale and the Deposit will be returned. Any notice of rescission must be in writing. At the request of the Authority, the successful bidder shall furnish to the Authority, before delivery of the Bonds, a certificate in form satisfactory to the Authority as to the initial public • offering price of the Bonds. -6- :ODMA\PCDOCS\SBDOCS 1\24381\1