Laserfiche WebLink
the notice of intent to sell, then such check or financial surety bond and the proceeds <br />thereof shall become the property of the City and shall be considered as the City's <br />liquidated damages on account of such default. <br />All bids for the Bonds shall be submitted electronically or in sealed bid <br />form and shall be presented to the Controller at the Controller's office (or such other <br />place as the Controller shall designate), and the Controller shall continue to receive all <br />bids offered until the time fixed for the sale of the Bonds, at which time and place the <br />Controller shall open and consider each bid. Bidders for the Bonds shall be required to <br />name the rate or rates of interest which the Bonds are to bear, not exceeding eight percent <br />(8.0%) per annum. Such interest rate or rates shall be in multiples of one-eighth (1/8) or <br />one-twentieth (1/20) of one percent (1%). Bids specifying more than one interest rate <br />shall also specify the amount and maturities of the Bonds bearing each rate, and all Bonds <br />maturing on the same date shall bear the same rate of interest. The interest rate on Bonds <br />of a given maturity must be at least as great as the interest rate on Bonds of any earlier <br />maturity. Subject to the provisions set forth below, the Controller shall award the Bonds <br />to the bidder offering the lowest net interest cost to the City, to be determined by <br />computing the total interest on all of the Bonds from the date thereof to their maturities <br />and deducting therefrom the premium bid, if any, or adding thereto the amount of any <br />discount. No bid for less than 98% of the par value of each series of the Bonds (or such <br />higher 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 />each series of the Bonds pursuant to the general provisions of Indiana Code 5-1-11 <br />(rather than Section 2(b) thereof), and in the event of such a determination, those portions <br />of this Section VIII which conflict with such provisions shall be deemed inapplicable. <br />(c) Credit Enhancement; Opinion of Bond Counsel. Prior to the <br />delivery of each series of the Bonds, the Mayor, subject to the direction of the Common <br />Council, (i) shall be authorized to investigate, negotiate and obtain bond insurance, other <br />forms of credit enhancement and/or credit ratings on Bonds and (ii) shall obtain a legal <br />opinion as to the validity of the Bonds from bond counsel for the City, with such opinion <br />to be furnished to the purchaser of the Bonds at the expense of the City. The costs of <br />obtaining any such insurance, other credit enhancement and/or credit ratings, together <br />with bond counsel's fee in preparing and delivering such opinion and in the performance <br />of related services in connection with the issuance, sale and delivery of the Bonds, shall <br />be considered as a part of the cost of the Project and shall be paid out of the proceeds of <br />the Bonds. <br />BDDBOI 4347413v2 - 12 - <br />