Ordinances 2013 - Laserfiche WebLink

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If the City Representative determines that it is in the best interest of the City to sell any Bonds in a competitive sale, then the City Representative is hereby authorized and directed to accept a qualifying bid or qualifying bids for the purchase of the Bonds that results in the lowest "true" or "Canadian" interest cost to the City, and the Bonds shall bear interest, payable semi- annually, at such rate or rates and shall be sold at such price or prices as may be set forth in the bides) accepted by the City Representative. If the City Representative determines that it is in the best interest of the City to sell any Bonds in a negotiated sale, then the City Representative is hereby authorized to enter into a bond purchase agreement or bond purchase agreements with an underwriter or group of underwriters with demonstrated experience in underwriting municipal securities to be selected by the City Representative. The City Representative is hereby authorized and directed to approve such optional or mandatory redemption provisions for the Bonds as the City Representative determines to be in the best interest of the City. Notwithstanding anything to the contrary herein, by 5 :00 p.m. on the date prior to the sale date of any Bonds identified in the official notice of sale for the Bonds, if either no underwriter or only one underwriter has advised of its intention to bid on any series of the Bonds, the City Representative, after consultation with the City's financial advisor and the City's bond counsel, is authorized to remove such series of Bonds from the bidding process and to pursue a negotiated sale for such series Bonds. The approval of the final terms and conditions of the Bonds, subject to the foregoing parameters, shall be evidenced conclusively by the execution and delivery of the Bonds in accordance with paragraph 8 of this Ordinance. -4-