1988-06-14 Minutes - Laserfiche WebLink

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within maturities, on any date not earlier than February I, 1998, from any monies made available for that purpose, at face value and without premium, plus accrued interest to the date fixed for redemption. The bonds may be transferred or exchanged at the principal office of the Trustee subject to the terms and conditions of the Trust Agreement to be dated as of the first day of June, 1988 (the "Trust Agreement"), pursuant to which the bonds are being issued. Any person interested in submitting a bid for the bonds must furnish in writing to the Authority c/o Mr. Richard Treptow, Springsted Incorporated, 251 North Illinois Street, Suite 1510, Indianapolis, Indiana 46204-1942, on or before 10:00 a.m. (EST), July 19, 1988, the person's name, address and telephone number. The person may also furnish a telex number. The undersigned Secretary will cause each person so registered to be notified of the date and time bids will be received not less than 24 hours before the date and time of sale. The notification shall be made by telephone at the number furnished by such person and also by telex if a telex number has been furnished. Each bid must be for all of said bonds and must state the rate or rates of interest therefor, not exceeding twelve percent (12%) per annum.. All bids for bonds shall be sealed, marked "Bid for South Bend Redevelopment Authority Lease Rental Revenue Bonds (Parking Facility Project)", and shall be presented to the Secretary at the principal office of the. Authority, and the Secretary shall continue to receive all bids offered until the hour fixed for the sale of the bonds, at which time and. place he shall open and consider each bid. Bidders for the bonds shall be required to name the rate or rates of interest which the bonds are to bear, not exceeding twelve percent (12%) per annum. The interest rate on bonds of a given maturity must be at least as great as the interest rate on bonds of any earlier maturity. No total payments of principal and interest due in any 12-month period ending on a bond maturity date shall be in excess of $518,000. Bids specifying more than one interest rate shall also specify the maturities 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 Secretary shall award the bonds to the bidder .offering the lowest net interest cost to the Authority, to be determined by computing the total interest on all of the 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 $4,472,050, plus accrued interest at the rate. or rates named to the date of delivery, will be considered. The Secretary shall have full right to reject any and all bids. In the event no acceptable bid is received at the time fixed for the sale of said bonds, the Secretary shall be authorized to continue to receive bids from day to day thereafter for a period not to exceed thirty (30) days, without readvertising; provided, however, that if said sale be 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 the sale of the bonds. Each bid must be accompanied by a certified or cashier's check in the amount of Forty- Five Thousand Seven Hundred and Fifty Dollars ($45,750), drawn on a bank or trust company which is insured by the Federal Deposit Insurance Corporation and made payable to "The South Bend Redevelopment Authority," to be held as a guarantee of the good faith of the 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, said check and. the proceeds thereof shall become the property of the Authority and shall be taken and considered as liquidated damages of said Authority on account of such failure or refusal. The checks of unsuccessful bidders will be returned immediately following the award of the bonds.