Ordinance 902-82 - Laserfiche WebLink

• Section 6. The Bonds shall be sold for cash at public sale for not less than par plus accrued interest to the date of delivery of and payment for the Bonds . The City Clerk is authorized to give notice calling for bids to purchase the Bonds by publishing such notice as required by law and a short abbreviated form of such notice shall also be published once in The Seattle Daily Journal of Commerce and Northwest Construction Record of Seattle, Washington, at least ten days prior to the sale date. Such notice shall specify that sealed bids for the purchase of the Bonds shall be received by the City Clerk in her office in the City Hall on 1982, up to //20-64.m. , local time, at which time all bids will be publicly opened and read and an award made by the City Council at its regular meeting to be held in the City Council Chambers commencing at (r :36,) $.m. , local time, on the same date. Bids shall be invited for the purchase of the Bonds with fixed maturities in accordance with the schedule specified in Section 1 hereof. The notice shall specify the maximum effective rate of interest the Bonds shall bear, namely, 15% per annum, and shall require bidders to submit a bid specifying : (a) The lowest rate or rates of interest and premium, if any, above par at which the bidder will purchase the Bonds; or (b) The lowest rate or rates of interest at which the bidder will purchase the Bonds at par. No bid will be considered for the Bonds for less than par and accrued interest or for less than the entire issue. The purchaser must pay accrued interest to date of delivery of the bonds. Coupon rates shall be in multiples of 1/8 or 1/20 of 1%, or both. No more than one rate of interest may be fixed for any one maturity. Only one coupon will be attached to each of the - 5 -