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Authorizing the Issuance and Sale of Bonds Purpose of Providing Funds to be Applied cost of Construction, Reconstruction and improvement of Streets Approximate Amount $1,000,000.00
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Authorizing the Issuance and Sale of Bonds Purpose of Providing Funds to be Applied cost of Construction, Reconstruction and improvement of Streets Approximate Amount $1,000,000.00
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6/12/2014 10:42:01 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/28/1954
Ord-Res Number
3990-54
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the last of said publications. Said bond sale notice shall state <br />the time and place of sale, the purpose for which the bonds are <br />being issued, the total amount thereof, the maximum rate of interest <br />thereon, the time and place of payment, the terms and conditions on <br />which bids will be received and sale made, and such other informa- <br />tion as the City Controller shall deem necessary. <br />All bids for said bonds shall be sealed and shall be pre- <br />sented to the City Controller at his office, and said Controller <br />shall continue to receive all bids offered until the time designated <br />on the day fixed in the bond sale notice, at which time and place <br />he shall open and consider said bids. Bidders for said bonds shall <br />be required to name the rate of interest which the bonds are to <br />bear, not exceeding three per cent (37o) per annum, and such interest <br />rate shall be in multiples of one - eighth (1/8) of one per cent (1%), <br />and not more than one interest rate shall be named by each bidder. <br />The Controller shall award the bonds to the highest responsible <br />and qualified bidder. The highest bidder shall be the one who offers <br />the lowest net interest cost to the City to be determined by com- <br />puting the total interest on all of the bonds to their maturities <br />and deducting therefrom thepremium bid, if any. No bid for less <br />than the par value of said bonds, including accrued interest at the <br />rate named to the,date of delivery, shall be considered. The <br />Controller shall have full right to reject any and all bids. In <br />the event no acceptable bid is received at the time fixed in said <br />notice for the sale of said bonds, the Controller shall be authorized <br />to continue to receive bids from day to thereafter for a period <br />of not to exceed thirty (30) days, without readvertising, but during <br />such continuation no bid shall be accepted which is lower than the <br />highest bid received at the time fixed for such sale in the bond <br />sale notice. <br />
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