Ordinance 902-82 - Laserfiche WebLink

Bonds for each installment of interest thereon, and bids provid- ing for additional or supplemental coupons will be rejected. The maximum differential between the lowest and highest coupon rates named in any bid shall not exceed 2-1/2% . For the purpose of comparing the bids only, the coupon rates hid being controlling, each bid shall state the total interest cost over the life of the Bonds and the net effective interest rate of the bid. The Bonds shall be sold to the bidder making the best bid, subject to the right of the City Council to reject any and all bids and to readvertise the Bonds for sale in the manner pro- vided by law, and no bid for less than all of the Bonds shall be considered . The City further reserves the right to waive any irregularity in any bid or in the bidding process. All bids shall be sealed and, except the bid of the State of Washington, if one is received, shall be accompanied by a deposit of 1100, 000. The deposit shall be by either certified or cashier ' s check made payable to the City Treasurer and shall be returned promptly if the bid is not accepted. The City reserves the right to invest the good faith deposit of the pur- chaser pending the payment for the Bonds . The purchaser shall not be credited for such earnings. If the Bonds are ready for delivery and the successful bidder shall fail or neglect to complete the purchase of the Bonds within forty days following the acceptance of its bid, the amount of its deposit shall be forfeited to the City and in that event the City may accept the hid of the one making the next best bid. If there be two or more equal bids for not less than par plus accrued interest and such bids are the best bids received, the City Council shall determine by lot which bid shall be accepted. The Bonds will be delivered to the successful bidder upon payment of the purchase price plus accrued interest to the date of delivery, less the - 6 -