05-26-09 Common Council Meeting Agenda & Packet

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All bids for the 2009 Bonds shall be sealed and shall be presented to the Fiscal Officer in accord with the terms set forth in the sale notice. Bidders for the 2009 Bonds shall be required to name the rate or rates of interest which the 2009 Bonds are to bear, which shall be the same for all 2009 Bonds maturing on the same date and the interest rate bid on any maturity of 2009 Bonds must be no less than the interest rate bid on any and all prior maturities, not exceeding seven percent (7%) per annum, and such interest rate or rates shall be in multiples of one hundredth of one percent. The Fiscal Officer shall award the 2009 Bonds to the bidder who offers the lowest interest cost, to be determined by computing the total interest on all the 2009 Bonds to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of the discount, if any. No bid for less than ninety-seven and one-half percent (97.5%) of the par value of the 2009 Bonds for any such 2009 Bonds to be sold to the Indiana Finance Authority or the Indiana Bond Bank or ninety-nine percent (99%) of the par value of the 2009 Bonds for any such 2009 Bonds to be sold by competitive sale, plus accrued interest, shall be considered. The Fiscal Officer may require that all bids be accompanied by certified or cashier's checks payable to the order of the City, or a surety bond, in an amount not to exceed one percent of the aggregate principal amount of the 2009 Bonds as a guaranty of the performance of said bid, should it be accepted. In the event no satisfactory bids are received on the day named in the sale notice, the sale maybe continued from day to day thereafter for a period of thirty (30) days without readvertisement; provided, however, that if said sale is 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 sale in the bond sale notice. The Fiscal Officer shall have full right to reject any and all bids. After the 2009 Bonds have been properly sold and executed, the Fiscal Officer shall receive from the purchasers payment for the 2009 Bonds and shall provide for delivery of the 2009 Bonds to the purchasers. (ii) As an alternative to public sale, the Fiscal Officer may negotiate the sale of the 2009 Bonds to the Indiana Finance Authority or the Indiana Bond Bank at an interest rate or rates not exceeding seven percent (7 %) per annum. The Mayor and the Fiscal Officer are hereby authorized to (A) submit an application to the SRF Program and the Indiana Bond Bank, (B) execute the Financial Assistance Agreement (including any amendment thereof) with the Indiana Finance Authority or purchase agreement with the Indiana Bond Bank, and (C) sell such bonds, in one or more series, upon such terms as are acceptable to the Mayor and the Fiscal Officer consistent with the terms of this Ordinance. The Financial Assistance Agreement for the 2009 Bonds and the Project shall be executed by the City and the Indiana Finance Authority. The substantially final form of Financial Assistance Agreement attached hereto as Exhibit B and incorporated herein by reference is hereby approved by the Council, and the Mayor and Fiscal Officer are hereby authorized to execute and deliver the same, and to approve any changes in form or substance to the Financial Assistance Agreement, such approval to be conclusively evidenced by its execution. The Mayor and Fiscal Officer are hereby authorized to execute and deliver an amended and restated Financial Assistance Agreement or subsequent Financial Assistance Agreement if an earlier series of 2009 Bonds has been purchased by the Indiana Finance Authority and may approve any changes in form or substance to the attached Financial -17-