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07-27-09 Common Council Meeting Agenda & Packet
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07-27-09 Common Council Meeting Agenda & Packet
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9/10/2009 2:52:27 PM
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7/23/2009 1:06:53 PM
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City Council - City Clerk
City Council - Document Type
Agendas
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must state- that any person interested in submitting a bid for the Bonds may furnish in <br />writing, at the address set forth in the notice, the person's name, address, and telephone <br />number, and that any such person may also furnish a telex number. The notice must also <br />state: (1) the amount of the Bonds to be offered; (2) the denominations; (3) the dates of <br />maturity; (4) the maximum rate or rates of interest; (5) the place of sale; and (6) the time <br />within which the name, address and telephone number must be furnished, which time <br />must not be less than seven (7) days after the last publication of the notice. Each person <br />so registered shall be notified of the date and time bids will be received not less than <br />twenty-four (24) hours before the date and time of sale. The notification shall be made <br />by telephone at the number furnished by the person, and also by telex if the person <br />furnishes a telex number. Such notice may also include such other information as the <br />Controller shall deem necessary. Such notice shall also provide, among other things, that <br />each bid shall be accompanied by a certified or cashier's check or financial surety bond in <br />an amount equal to one percent (1%) of the principal amount of the Bonds to guarantee <br />performance on the part of the bidder, and that in the event the successful bidder shall fail <br />or refuse to accept delivery of and pay for the Bonds as soon as the Bonds are ready for <br />delivery, or at the time fixed in the notice of intent to sell, then such check or financial <br />surety bond and the proceeds thereof shall become the property of the City and shall be <br />considered as the City's liquidated damages on account of such default. <br />All bids for Bonds sold at public sale shall be sealed and shall be <br />presented to the Controller at the Controller's office, and the Controller shall continue to <br />receive all bids offered until the time fixed for the sale of the Bonds, at which time and <br />place the Controller shall open and consider each bid. Bidders for the Bonds shall be <br />-23- <br />BDDBOI 5738468v1 <br />
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