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