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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds
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6/25/2009 8:45:24 AM
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6/25/2009 8:45:23 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/22/1998
Ord-Res Number
8919-98
Bill Number
51-98
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until the time fixed for the sale of the 1998 Bonds, at which time and place the Controller shall open <br />and consider each bid. Bidders for the 1998 Bonds shall be required to name the rate or rates of <br />interest which the 1998 Bonds are to bear, not exceeding two and nine-tenths percent (2.90%) per <br />annum if the 1998 Bonds are sold to the State pursuant to its SRF Program (as hereinafter defined), <br />or not exceeding eight percent (8%) per annum if sold at public sale or to the Bond Bank. Such <br />interest rate or rates shall be in multiples ofone-eighth (1/8) or one-twentieth (1/20) of one percent <br />(1%). Bids specifying more than one interest rate shall also specify the amount and maturities of the <br />1998 Bonds bearing each rate, and a111998 Bonds maturing on the same date shall bear the same rate <br />of interest. The interest rate on 1998 Bonds of a given maturity must be at least as great as the <br />interest rate on 1998 Bonds of any earlier maturity. Subject to the provisions set forth below, the <br />Controller shall award the 1998 Bonds to the bidder offering the lowest net interest cost to the City, <br />to be determined by computing the total interest on all of the 1998 Bonds from the date thereof to <br />their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of <br />any discount. No bid for less than 99% of the par value of the 1998 Bonds (or such higher <br />percentage of the par value of the 1998 Bonds as the Controller, with the advice of the financial <br />advisor to the City, shall determine prior to the publication of the notice of intent to sell), plus <br />accrued interest at the rate or rates named to the date of delivery, will be considered. The Controller <br />shall have full right to reject any and all bids. In the event no acceptable bid is received at the time <br />fixed for the sale of the 1998 Bonds, the Controller shall be authorized to continue to receive bids <br />from day to day thereafter for a period not to exceed thirty (30) days, without readvertising, pursuant <br />to Indiana law. <br />The Controller is hereby authorized to determine, in her discretion, to sell the 1998 <br />Bonds pursuant to the general provisions of Indiana Code 5-1-11 (rather than Section 2(b) thereof), <br />and in the event of such a determination, those portions of this Section 8 which conflict with such <br />provisions shall be deemed inapplicable. <br />One or more series of the 1998 Bonds may, in the discretion of the Controller, be sold <br />to the Bond Bank. In the event of such determination, 1998 Bonds shall be sold to the Bond Bank <br />in such denomination or denominations as the Bond Bank may request, and pursuant to a purchase <br />agreement (the "Purchase Agreement") between the City and the Bond Bank, hereby authorized to <br />be entered into and executed by the Mayor on behalf of the City, and attested by the Clerk, <br />-14- <br />ODMA\I'CDOCS\SBDOCS 1\ 14947\3 <br />
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