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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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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 />required to name the rate or rates of interest which the Bonds are to bear, not exceeding <br />eight percent (8%) per annum. Such interest rate or rates shall be in multiples of one- <br />eighth (1/8) or one-twentieth (1120} of one percent (1%). Bids specifying more than one <br />interest rate shall also specify the amount and maturities ofthe Bonds bearing each rate, <br />and all Bonds maturing on the same date shall bear the same rate of interest. The interest <br />rate on Bonds of a given maturity must be at least as great as the interest rate on Bonds of <br />any earlier maturity. Subject to the provisions set forth below, the Controller shall award <br />the Bonds to the bidder offering the lowest net interest cost to the City, to be determined <br />by computing the total interest on all of the Bonds from the date thereof to their <br />maturities and deducting therefrom the premium bid, if any, or adding thereto the amount <br />of any discount. No bid for less than 99% of the par value of the Bonds (or such higher <br />percentage of the par value of the Bonds as the Controller, with the advice of the <br />financial advisor to the City, shall determine prior to the publication of the notice of <br />intent to sell), plus accrued interest at the rate or rates named to the date of delivery, will <br />be considered. The Controller shall have full right to reject any and all bids. In the event <br />no acceptable bid is received at the time fixed for the sale of the Bonds, the Controller <br />shall be authorized to continue to receive bids from day to day thereafter for a period not <br />to exceed thirty (30) days, without readvertising, pursuant to Indiana law. <br />The Controller is hereby authorized to determine, in her discretion, to sell <br />the Bonds pursuant to the general provisions of Indiana Code 5-1-11 (rather than <br />BDDB01 5738468v1 <br />-24- <br />
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