Res 1985-031 - Laserfiche WebLink

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Limitation on Transfer of Bonds Called for Redemption. . . Neither the City or the Paying Agent/Registrar shall be required to issue or transfer to an assignee of the Holder of the Bonds any Bond called for redemption, in whole or in part, within 45 days of the date fixed for redemption; provided, however, such limitation of transfer shall not be applicable to an exchange by the Bond Holder of the unredeemed baTance of a Bond called in part for redemption. Successor Paying Agent/Registr~, . . Provision i.s ma,de in the Order for ,replacement o,f the Paying Agent/Registrar. The Clty covenants to malntaln and provlde a PaYlng Agent/Reglstrar at all times while the Bonds are outstanding and any successor Paying Agent/Registrar shall be a bank, trust company, financial institution, or other entity duly qualified and legally auth- orized to serve as and perform the duties and services of Paying Agent/Re<Jistrar for the Bonds. Upon any change in the Paying Agent/Registrar for the Bonds, the City agrees to promptly cause a written notice thereof to be sent to each registered Owner of the Bonds by United States mail, first class, postage prepaid, which notice shall also give the address of the new Paying Agent/Registrar. Source of pa~ent ... The Bonds are direct and voted general obligations payable out of the recelpts rom an ad valorem tax levied, within the limits prescribed by law, on taxable property located within the City. 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 interest to be borne by the Bonds, provided that each rate bid must be in a multiple of 1/8 of 1% or 1/20 of 1% and the effective interest rate must not exceed 15%. 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 one and the same rate. No bids involving supplemental interest rates will be considered. Each bidder shall state in his bid the total interest cost in dollars and the net effective interest rate determined thereby (calculated in the manner prescribed by Article 7l7k-2, VATCS), which shall be con- sidered informative only and not as a part of the bid. Basis for Award. . . 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 dollar 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. Subject to the District's right to reject any or all bids and tò waive any irregularities except time of filing, the Bonds will be awarded to the bidder or syndicate account whose name first appears on the Official Bid Fonn (the "Initial Purchaser" or "Purchaser") whose bid based on the above computation produces the lowest net effective interest cost to the District. Good Faith Deposit .., A Good Faith Deposit, payable to the "City of San Marcos, Texas", 1n the amount of $60,400.00, is required. Such Good Faith Deposit shall be in the fonn of a Cashier's Check,or its equivalent, which is to be retained uncashed by the City pend- ing the Purchaser's compliance with the terms of his bid and the Notice of Sale and Bidding Instructions. The Good Faith Deposit may accompany the Official Bid Form or it may be sub- mitted separately. If submitted separately, it shall be made available to the City prior to the opening of the bids, and shall 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 i-aith Deposit of the Purchaser will be applied on the purchase price on the date of delivery of 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 his bid, then said check shall be cashed and accepted by the City as full and complete liquidated damages. The checks accompanying bids other than the winning bid will be returned immediately after the bids are opened, and an award of the Bonds has been made. DELIVERY OF THE BONDS AND ACCCMPANVING DOCUMENTS CUSIF N~mbers , , , It is anticipated that CUSIP identification numbers will appear on the Bonds, b~t neither the failure to print or type such number on any Bond nor any error with respect thereto shall constitute cause for a failure or refusal by the Fc¡rchaser to accept delivery of and pay for the 30nds in accordance with the terms pf t~is ~otice of Sale and the terms of the -i i-