1977 Resolutions - Laserfiche WebLink

Home Browse Search

Proposals must be unconditional, must be on f_he City's proposal form prepSred for the purpose, must be suhuitted in sealed envelopes msrked Proposal for City of Portsmouth, Virginia, Bonds" addressed to the undersigned and must be accc~ed b~ a certified or bank cashier's check in the amount of $200,000. payable to the order of the City of Portsmouth, Virginia, as a guarantee of good faith on the part of the bidder. No interest will be paid by the City on said good faith deposit. Good faith checks of unsuccessful bidders will be promptly returned to the representatives thereof. The good faith check of the successful bidder will be deposited by the City and the proceeds thereof c~edited against the purchase price due for the Bonds upon their delivery or retained as and for liquidated damages in the event the successful bidder fails to take up and pay for the Bonds in accordance with its bid. The Bonds will be printed at the expense of the City. Delivery of the Bonds, properly executed, and the usual closing papers, includi~ a certificate that no litigation is pending affecting the validity' of the Bonds, will be made to the successful bidder in N~w York, New York, on November 10, 1977, or as soon thereafter as the Bonds may be prepared. Payment of the balance of the purchase price, including of any pre~tit~u offered, must be made in Federal funds. It is anticipated ~daat CUSIP identification numbers will be printed on the Bonds, but neither the failure to print any such number on any Bond nor any error or c~ission with respect thereto shall constitute cause for failure or refusal by the successful bidder for the Bonds to accept delivery of and pay for the Bond~ in accord~nnce with the term~ of its proposal. No CUSIP identification n~nber shall constitute or be deemed to be a p~rt of ~ny Bond or a part of the contract evidenced thereby and no liabilit~- shall attach to the City or any of its office_rs or agents ~ecause of or on account of any such number or shy use made thereof. All expenses in relation to the printing of CUSIP identification numbers on the Bonds shall be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid by the successful bidder for the Bonds. The respective opinion of Messrs. ~bod Dawson Love & O'Brien approving the vs]~di~- of each issue of Bonds will be furnished the successful bidder for the Bonds. Each such opinzon will state that the respective Bonds constitute valid and legally binding obligations of the City and that the City has power and is obligated to levy ad valor~u taxes for the payment of such Bonds and the interest thereon upon all property within the City, subject to taxation by the City, without limitation of rate or amount, it being understood that the rights of the holders of such Bonds and the enforceability thereof may be subject to judicial discretion and to valid bankruptcy, insolvency, reorganization, moratorium and other~ lav~ for the relief of debtors, and will also state 12