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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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Authorizing the Issuance of Revenue Bonds re: improvements to the Waterworks, not to exceed Twenty-Two Million Five hundred thousand dollars (22,500,000); including the issuance of notes in anticipation of Bonds.
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9/24/2009 2:28:11 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/1997
Ord-Res Number
8801-97
Bill Number
52-97
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NOTICE: The Signature to this assignment <br />must correspond with the name as it appears <br />on the face of the within bond in every <br />particular, without alteration or enlargement <br />or any change whatsoever. <br />Signature Guaranteed: <br />NOTICE: Signature(s) must be guaranteed <br />by an eligible guarantor institution participating <br />in a Securities Transfer Association recognized <br />signature guarantee program. <br />SECTION 10. Sale~Bonds. <br />(a) The 1997 Bonds shall be sold in a competitive sale. The Fiscal Officer shall <br />cause to be published either (i) a notice of sale once each week for two consecutive weeks in <br />accordance with I.C.§5-3-1-2, in which case the date fixed for the sale shall not~be earlier than <br />fifteen (15) days after the first of such publications and not earlier than three (3) days after the <br />second of such publications, or (ii) a notice of intent to sell bonds once each week for two weeks <br />in accordance with I.C. §5-1-11-2 and I.C. §5-3-1-4 and in a newspaper of general circulation <br />published in the State capital, in which case bids may not be received more than ninety (90) days <br />after the first of such publications. Said sale notice shall state the time and place of sale, the <br />purpose for which the 1997 Bonds are being issued, the total amount thereof, the amount and date <br />of each maturity, the maximum rate or rates of interest thereon, their denominations, the time and <br />place of payment, the terms and conditions upon which bids will be received and the sale made <br />and such other information as is required by law or as the Fiscal Officer shall deem necessary. <br />The Fiscal Officer is designated as the officer responsible for the sale of the 1997 Bonds, and shall <br />provide or cause to be provided all notices required by law. <br />All bids for the 1997 Bonds shall be sealed and shall be presented to the Fiscal <br />Officer in accord with the terms set forth in the sale notice. Bidders for the 1997 Bonds shall be <br />required to name the rate or rates of interest which the 1997 Bonds are to bear, which shall be the <br />same for all 1997 Bonds maturing on the same date and the interest rate bid on any maturity of <br />1997 Bonds must be no less than the interest rate bid on any and all prior maturities, not exceeding <br />eight percent (8%) per annum, and such interest rate or rates shall be in multiples of one <br />hundredth of one percent. The Fiscal Officer shall award the 1997 Bonds to the bidder who offers <br />the lowest interest cost, to be determined by computing the total interest on all the 1997 Bonds <br />to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount <br />of the discount, if any. No bid for less than ninety-eight percent (98%) of the par value of the <br />1997 Bonds, plus accrued interest, shall be considered. The Fiscal Officer may require that all <br />-15- <br />
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