ORDINANCES & RESOLUTIONS 2009 - Laserfiche WebLink

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0 not less than twenty-four (24) hours before the date and time of sale. The notification shall be made by telephone at the number furnished by the person, and also by telex if the person furnishes a telex number. Such notice may also include such other information as the Clerk- Treasurer shall deem necessary. Such notice shall also provide, among other things, that each bid shall be accompanied by a certified or cashier's check in an amount equal to one percent (1%) of the principal amount of the Bonds to guarantee performance on the part of the bidder, and that in the event the successful bidder shall fail or refuse to accept delivery of and pay for the Bonds as soon as the Bonds are ready for delivery, or at the time fixed in the notice of intent to sell, then such check and the proceeds thereof shall become the property of the Town and shall be considered as the Town's liquidated damages on account of such default. All bids for Bonds sold at public sale shall be sealed and shall be presented to the Clerk- Treasurer at the Clerk-Treasurer's office (or such other place as may be indicated in the notice of intent to sell the Bonds), and the Clerk-Treasurer shall continue to receive all bids offered until the hour fixed for the sale of the Bonds, at which time and place the Clerk-Treasurer shall open or cause to be opened, and consider each bid. Bidders for the Bonds shall be required to name the rate or rates of interest which the Bonds are to bear, not exceeding seven percent (7.0%) per annum. Such interest rate or rates shall be in multiples of one-eighth (1/8) or one-twentieth (1/20) of one percent (1%). Bids specifying more than one (1) interest rate shall also specify the amount and maturities of the Bonds bearing each rate, and all Bonds maturing on the same date shall bear the same rate of interest. The interest rate on Bonds of a given maturity must be at least as great as the interest rate on Bonds of any earlier maturity. Subject to the provisions set forth below, the Clerk-Treasurer shall award the Bonds to the bidder offering the lowest net interest cost to the Town, to be determined by computing the total interest on all of the Bonds from the date thereof to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of any discount. No bid for less than 97% of the par value of the Bonds (or such higher percentage of the par value of the Bonds as the Clerk-Treasurer, with the advice of the Financial Advisor to the Town, shall determine prior to the publication of the notice of intent to sell), plus accrued interest at the rate or rates named to the date of delivery, will be considered. The Clerk-Treasurer shall have full right to reject any and all bids. In the event no acceptable bid is received at the time fixed for the sale of the Bonds, the Clerk- Treasurer shall be authorized to continue to receive bids from day to day thereafter for a period not to exceed thirty(30) days,without readvertising,pursuant to Indiana law. The Clerk-Treasurer is hereby authorized to determine, in her discretion, to sell the Bonds pursuant to the general provisions of Indiana Code 5-1-11 (rather than Section 2(b) thereof), and in the event of such a determination, those portions of this SECTION 9 which conflict with such provisions shall be deemed inapplicable. As an alternative to public sale, the Clerk-Treasurer may negotiate the sale of the Bonds to the Authority as part of its SRF Program. The President of the Town Council and the Clerk- Treasurer are hereby authorized to (i) submit an application to the Authority as part of its SRF Program, (ii) execute a Financial Assistance Agreement with the Authority with terms conforming to this Ordinance, and (iii) sell such Bonds upon such terms as are acceptable to the President of the Town Council and the Clerk-Treasurer consistent with the terms of this Ordinance. The substantially final form of Financial Assistance Agreement attached hereto and incorporated herein by reference is hereby approved by this Town Council, and the President of the Town Council and the Clerk-Treasurer are hereby authorized to execute and deliver the 19