Ordinance 1452 - Laserfiche WebLink

10 • • 4 t ♦ y 4 -rr- at a rate lower than the stated maximum rate, or by offers of premium on said bonds at a rate lower than the stated maximum rate, provided, however, that the council shall have the power and authority in case it shall deem it wise to give preference to a lower rate of interest rather than to premium at any specified rate . of interest on said bonds. Section 4: At the hour and place named for considering bids the city council shall meet and consider the bids for bonds, and may award a contract to any bidder or bidders for the sale of all of said bonds , or any one or more of said bonds, or may, in its discretion, reject all bids. In case any bid or bids are accepted the city council is directed to enter into a contract with the successful bidder or successful bidders for the sale of such bonds, such contract to contain such terms , conditions and provisions as the city council may deem necessary or proper. Section 5: In case the city council shall reject all bids submitted, or if it shall award only part of said bonds, it may direct the city clerk of said city to re-advertise the bonds remaining unsold, and thereupon it shall be the duty of said city clerk to're-advertise said bonds in the same manner as is prescribed for the original advertisement, and in case the city council determin— es to re-advertise said bonds, it is hereby authorized to fix a day and time for receiving and opening bids or proposals , and said council may continue from time to time in like manner to cause said bonds to be re-advertised for sale,until all said bonds are sold. Section 6: In case any bid or proposal shall not be accepted the city council shall cause the certified check accompany- ing such bid to be returned to such bidder. In case any successful bidder .shall fail to complete the purchase of the bonds so awarded, and shall fail to pay for the same in the time and manner herein required, or which may be prescribed by the council, the proceeds