HomeMy WebLinkAbout1955-12-06; City Council; Resolution 193.e
TERMS OF SALE
Interest Rate: The maxi rate bid may not
exceed 6 $ per annum, payable ann
semiannuall thereafter, Each ra
of 1/4 of No bond shall beaT mo one interest
rate, and onds of the same matu
same rate, Not more than 3 est rates may be
bid, The repetition of any rate 1 not be considered
the bidding of an additional ra
maturity or group of maturities shall not be more than
1-1,/2$ higher than the interest rate on any later maturity
or group of maturities.
The rate on any
Award: The bonds shall be sold for cash only,
All bids must be for not less than all of the bonds hereby
offered Tor sale and each bid shall state that the bidder
offers par and accrued interest to the date of deliv
the premiump if any, and the interest rate or rates not
to exceed those specified herein, at which the bidder
offers to buy said bonds. The bonds will be awarded to
bidder whose bid results in the lowest net interest
cost to the city, The cost of printing the bonds will
be borne by the city,
Right of Rejections The city reserves the
right, in its discretion, to reje any and all bids
to the extent permitted by law, to waive any
ularity or informality in any bid.
Award: The City will take actiron a
rejecting all bids not latep than twenty-
5.
t ..
omission of the
epted proposal will be return
promptly
Change in Tax Exemp Status: At a, time before
the bonds are tendered for de very the succ ful. bidder
may disaffirm and wit proposal if t
received by private holders from bonds of the s
and character shall be declared to be taxable i
presint federal income tax laws, eit
Bureau of Internal Revenue or by a d
court, or shall be declared taxable
a1 income tax law enacted subse
this notice,
Legal Opinion: The unqualified opinion of
O'Melveny 8e Myers, attorneys, approving the validit
said bonds will be furnished the sTiccwsfu1 bidder at or
prior to the date of delivery of the bondsp at the expense
of the city,
gation Certificates At the time of pay-
ment for and delivery of said bonds the city will furnish
the successful bidder a certificate that there is no
INFORMATION AVAILABLEs Reque