Ordinance 1504-88 - Laserfiche WebLink

• • • • REOFFERING PRICE. The successful bidder must certify the initial reoffering price to the public (excluding bond houses and brokers) for each maturity of the bonds to the City' s bond counsel not less than five business days prior to closing. This certification shall constitute the agreement of the bidder to offer all bonds in each maturity for sale at a price no greater than the certified reoffering price until at least ten percent of the principal amount of each maturity is sold at a price less than or equal to the certified reoffering price. Failure to honor this agreement may result in cancellation of the sale and forfeiture of the bidder' s good faith deposit. BOND INSURANCE. If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of the bidder, any purchase of such insurance or commitment therefor shall be at the sole option and expense of the bidder and any increased costs of issuance of the Bonds resulting by reason of such insurance, unless otherwise paid shall be paid by such bidder. Any failure of the Bonds to be so insured or of any such policy of insurance to be issued shall not in any way relieve the purchaser of his contractual obligations arising from the acceptance of his proposal for the purchase of the Bonds. DEPOSIT. All bids for the Bonds shall be accompanied by a deposit in the amount of $132, 000. All deposits shall be by cashier' s or certified check made payable unconditionally to the order of the City of Everett, Washington. The deposits of unsuccessful bidders will be returned as soon as possible to such bidders. The good faith deposit of the successful bidder shall be held as security for the performance of such bid. Such check shall be cashed by the City Treasurer and will be applied to the purchase price of the Bonds or be forfeited to the City as and for liquidated damages if the successful bidder shall fail or neglect to complete the purchase of said Bonds in accordance with its proposal within forty (40) days after the acceptance thereof. Interest will not be allowed on such good faith deposits. AWARD. The City reserves the right to reject any and all bids received and to waive any irregularities therein or in the bidding. No bid may be withdrawn after the same is filed with the Finance Director unless permission is first obtained by resolution of the City Council . Unless all proposals are rejected, the City will award the Bonds at the meeting of the Council on the day of the bid opening. The Bonds will be awarded to the responsible bidder offering to purchase all of the Bonds at the lowest true interest cost to the City, such lowest true interest cost to be determined in accordance with the effective interest cost method of calculation by doubling the semiannual interest rate (compounded semiannually) necessary to discount the debt service payments from the payment date to the date of the Bonds and to the price bid, not including accrued interest to the date of delivery. DELIVERY. Printed bonds will be furnished by the City and will be delivered to the purchaser in the City of Seattle, Washington, at the expense of the City, or elsewhere as may be mutually agreed upon at the purchaser' s option and expense. Accrued interest to the date of delivery shall be paid by the purchaser at the time of delivery. The approving legal opinion of Preston, Thorgrimson, Ellis & Holman will be printed on the Bonds and will be furnished, without cost, to the successful bidder at the time of delivery. The obligations hereunder to deliver and accept the Bonds shall be A-3 KR258 88/07/06