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Authorizing the Issuance and Sale of Bonds $1,000,000.00
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Authorizing the Issuance and Sale of Bonds $1,000,000.00
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6/12/2014 11:57:57 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/23/1956
Ord-Res Number
4090-56
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made, and such other information as the City Controller shall <br />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 he <br />shall open and consider said bids. Bidders for said bonds shall be <br />required to name the rate of interest which the bonds are to bear, <br />not exceeding three per �entum (3 %) per annum, and such interest <br />rate shall be in multiples of one eighth (1/8) of one per centum (1 %), <br />and not more than one (1) interest rate shall be named by each bidder, <br />The Controller shall award the bonds to the highest responsible and <br />qualified bidder. The highest bidder shall be the one who offers <br />the lowest net interest cost to the city to be determined by computing <br />the total interest on all of the bonds to their maturities and deducting <br />therefrom the premium bid, if any. No bid for less than the par value <br />of said bonds, including accrued interest at the rate named to the date <br />of delivery, shall be considered. The Controller shall have full <br />right to reject any and all bids. In the event no acceptable bid is <br />received at the time fixed in said notice for the sale of said bonds, <br />the Controller shall be authorized to continue to receive bids from <br />day to day thereafter for a period of not to exceed thirty (30) days, <br />without readvertising, but during such continuation no bid shall be <br />accepted which is lower than the highest bid received at the time <br />fixed for such sale in the bond sale notice. <br />Prior to the sale of said bonds the City Controller shall <br />be authorized to obtain a legal opinion .as to the validity of said <br />bonds from Ross, McCord, Ice and Miller, bond counsel of <br />Indianapolis, and to furnish such opinion to the purchaser of said <br />- 7 - <br />
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