ORDINANCES & RESOLUTIONS 1983 - Laserfiche WebLink

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I provisions of Indiana Code 6-1. 1-20-5 , then no further steps towards the issuance or said bonds shall be taken unless and until the State Board of Tax Commissioner shall issue its order approving the issuance of said bonds. In the event it shall be determined by the State Board of Tax Commissioners, or otherwise, that the whole amount of the bonds herein authorized shall not be issued, then the Clerk-Treasure~ shall be authorized to advertise and sell a lesser amount of bonds, and the bonds not issued and sold shall be the bonds of the longest maturity or maturities. Prior to the sale of the bonds, an order shall be obtained from the State Board of Tax Commissioners approving the bonds pursuant to Indiana Code 6-3.5-1-3. Section 6. Prior to the sale of said bonds, the Clerk-Treasurer shall cause to be published a notice of sale once each week for two weeks. The date fixed for the sale shall not be earlier than seven (7) days after the last of said publications. Said bond sale notice shall state the time and place of sale, the total amount of bonds, the maximum rate of interest thereon, the maturities thereof, the purpose for which the bonds are being issued, the terms and conditions on which bids will be received and the sale made, and shall set out such other information as the Clerk- Treasurer shall deem necessary. Said bonds shall not be advertised for sale prior to the expiration of the period during which taxpayers may file remonstrances or objecting petitions to the issuance of said bonds. All bids for said bonds shall be sealed, and shall be presented to the Clerk-Treasurer at her office. The Clerk -Treasurer shall continue to receive bids until the time~on the day fixed in the bond sale notice, at which time and place she shall open and consider the bids. Bidders for said bonds shall be required to name the rate or rates of interest which the bonds are to bear, not exceeding the rate hereinbefore named. Such interest rate or rates shall be multiples of one-eighth (1/8) or one-tenth (1/10) of one pe~cent (l%), and not more than three (3) different interest rates shall be named by each bidder. The Clerk-Treasurer shall award the bonds to the highest qualified bidder. The highest bidder shall be the one who offers the lowest net interest cost to the Town, to be determined by computing the total interest on all of the bonds to their maturities and deducting therefrom the premium bid, if any. No bid for less 'than par value of said bonds, including accrued interest to the date of delivery, shall be considered. The Clerk- Treasurer shall have the full right to reject any and all bids. In the event no satisfactory bids for said bonds are received at the time fixed in said notice, the e ~ ~