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4 <br /> <br />on behalf of the Controller at the office of the Municipal Advisor, and the Municipal Advisor, <br />acting on behalf of the Controller, shall continue to receive all bids offered until the hour fixed for <br />the sale of the Bonds, at which time and place such bids shall be opened and considered. Bidders <br />for the Bonds shall be required to name the rate or rates of interest which the Bonds are to bear, <br />not exceeding the maximum rate set forth herein. Bids specifying more than one interest rate shall <br />also specify the amount and maturities of the Bonds bearing each rate, and all Bonds maturing on <br />the same date shall bear the same single rate of interest. Such rate or rates of interest shall be in <br />multiples of one-eighth (1/8), one-twentieth (1/20), or one-hundredth (1/100) of one percent (1%). <br />Subject to the provisions contained below, the Controller shall award the Bonds to the bidder <br />offering the lowest true interest cost to the Authority which is that rate which, when used to <br />compute the total present value as of the date of delivery of the Bonds of all debt service payments <br />on the Bonds on the basis of semiannual compounding, produces an amount equal to the sum of <br />the par value of the Bonds minus any premium bid plus any discount. No bid for less than ninety- <br />nine percent (99.0%) of the aggregate principal amount of the Bonds being sold, plus accrued <br />interest at the rate or rates named to the date of delivery, will be considered. The Controller shall <br />have full right to reject any and all bids. In the event no acceptable bid is received at the time fixed <br />for the sale of said Bonds, the Municipal Advisor, acting on behalf of the Controller, shall be <br />authorized to continue to receive bids from day to day thereafter for a period not to exceed thirty <br />(30) days, without re-advertising; provided, however, that if said sale be continued, no bid shall be <br />accepted which offers an interest cost which is equal to or higher than the best bid received at the <br />time fixed for the sale of the Bonds. At the election of the Authority, the winning bidder will be <br />notified and instructed to submit a good faith deposit (the "Deposit") in the form of either a certified <br />check or cashier's check or wire transfer in the amount of one percent (1%) of the principal amount <br />of the Bonds being sold to such winning bidder made payable to the order of the Authority not <br />later than 3:00 p.m. (EST) on the next business day following the award. If such Deposit is not <br />received by that time, the Controller, acting on behalf of the Authority, may reject the bid. No <br />interest on the Deposit will accrue to the successful bidder. The Deposit will be applied to the <br />purchase price of the Bonds. In the event the successful bidder fails to honor its accepted bid, the <br />Deposit will be retained by the Authority as liquidated damages. <br />Notwithstanding anything in this Resolution to the contrary and in lieu of a competitive <br />sale of the Bonds pursuant to this Section, the Controller, upon consultation with the Municipal <br />Advisor, may determine to provide for the Bonds to be sold through a negotiated sale in the manner <br />and upon the terms and conditions set forth in a purchase agreement between the Authority and an <br />underwriter, bank, financial institution or other purchaser (the “Purchaser”) to be selected by the <br />Controller, at such prices and on such terms as may be determined at the time of such sale and <br />approved by the Controller. In the event of a negotiated sale, the Controller is hereby authorized <br />to approve and execute a bond purchase agreement (the “Purchase Agreement”) on behalf of the <br />Authority for the Bonds with the Purchaser, in a form and substance approved by the Controller, <br />such approval to be conclusively evidenced by the execution thereof. Such Purchase Agreement <br />may set forth the definitive terms and conditions for such sale, but all such terms and conditions <br />must be consistent with the terms and conditions of this Resolution, including without limitation, <br />the interest rate or rates on the Bonds which shall not exceed the maximum rate of interest for the <br />Bonds authorized pursuant to this Resolution. <br />SECTION 7. Prior to the delivery of the Bonds the Secretary-Treasurer shall be <br />authorized to obtain a legal opinion as to the validity of the Bonds from Barnes & Thornburg LLP, <br />bond counsel for the Authority, and to furnish such opinion to the purchaser or purchasers of the