Res 1988-107 - Laserfiche WebLink

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Paying Agent/Registrar The initial Paying Agent/Registrar shall be the First City !\:ational Bank of Austin, AusÜn, Texas (see "Paying Agent/Registrar" in Official Statement). Source of Payment The Bonds are payable, both as to principal and interest, solely from and secured by a first ¡¡en on anG a pledge of the Net Revenues of the System after payment of maintenance and operating expenses. Further details regarding the Bonds are set forth in the Official Statement. CONDITIONS OF THE SALE Type of Bids and Interest Rates The Bonds will be sold in one block on an "All or None" basis, and at a price of not less than their par value plus accrued interest to the date of delivery of the Bonds. Bidders are invited to name the rate(s) of interes t to be borne by the Bonds, provided th4 teach rate bid must be in a multiple of 1/& of 1 % or 1/20 of 196 and the net effective interest rate must not exceed 1596. The highest rate bid may not exceed the lowest rate bid by more than 3% in rate. No limitation is imposed upon bidders as to the number of rates or changes which may be used. All Bonds of one maturity must bear ~ne and the same rate. No bids involving supplemental interest rates will be considered. Each bidder shall state in the bid the total interest cost in dollars and the effective interest rate determined thereby (calculated in the manner prescribed by Article 717k-2, V A TCS), which shall be considered informative only and not as a part of the bid. Basis for 1\ ward For the purpose of awarding the sale of the Bonds, the interest cost of each bid will be computed by determining, at the rate or rates specified therein, the total dolJar cost of all interest on the Bonds from the Bond Date to their respective maturities, using the table of Bond Years herein, and deducting therefrom the premium bid, if any (the "Net Interest Cost Calculation"). Subject to the City's right to reject any or all bids and to waive any irregularities except time of filing, the Bonds wiU be awarded to the bidder or syndicate account manager whose name first appears on the Official Bid Form (the "Purchaser") whose bid, based on the Net Interest Cost Calculation, produces the lowest net effective interest cost to the City. Good Fai1h Deposit A Good Faith Deposit, payable to the "City of San Marcos, Texas", in the amount of $53,200.00 is required. Such Good Faith Deposit shall be in the form of a Cashier's Check, or its equivalent, which is to be retained uncashed by the City pending the Purchaser's compliance with the terms of the bid and the Notice of Sale and Bidding Instructions. The Good Faith Deposit may accompany the Official Bid Form or it may be submitted separately. II submitted separately, it shaJJ be made available to the City prior to the opening of the bids, and shaJJ be accompanied by. instructions from the bank on which drawn which authorize its use as a Good Faith Deposit by the Purchaser who shall be named in such instructions. The Good Faith Deposit of the Purchaser wiU be returned to the Purchaser upon payment for the Bonds. No interest will be allowed on the Good Faith Deposit. In the event the Purchaser should fail or refuse' to take up and pay for the Bonds in accordance with the bid, then said check shaJl be cashed and accepted by the City as fuJJ and complete liquidated damages. The checks accompanying bids other than the winnin& bid will be returned immediately after the bids are opened, and an award of the Bonds has been made. DELIVERY OF THE BONDS AND ACCOMPANYING DOCUMENTS CUSIP Numbers [t is anticipated that CUSIP identification numbers will appear on the Bonds, but neither the failure to print or type such number on any Bond nor any error with respect thereto shaJJ constitute cause for a failure or refusal by the Purchaser to accept delivery of and pay for the Bonds in accordance with the terms of this Notice of Sale and Bidding Instructions and the terms of the Official Bid Form. All expenses in relation to the printing or typing of CUSIP numbers on the Bonds shalJ be paid by the City; provided, however, that the CUSIP Service Bureau charge for the assignment of the numbers shaJJ be the responsibility of and shaJJ be paid for by the Purchaser. Initial Delivery of Initial Bond Initial Delivery wiU be accomplished by the issuance of one or more InitiaJ Bonds (also caJJed "Bonds"), either in typed or printed form, in the aggregate principal amount of $2,660,000, payable in stated installments to the Purchaser, signed by the \tayor and City Secretary, approved by the Attorney General, and registered and manually signed by the ComptroJler of Public Accounts. Initial Dplivery 'NilJ be at the principal corporate office of the Paying Agent/Registrar. Payment for the Bonds must be made in - ii -