Minutes 07/13/1976 - Laserfiche WebLink

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393 no~ be restricted as to the number of rates which may be named but the difference between the h&ghest and the lowest interest rates specified shall not exceed two percent. Ail bonds maturing on the same date must bear interest at the same single rate from their date to such maturity date, which single rate of interest shall be represented by a single coupon. Unless ali proposals are rejected the Bonds will be awarded on July 29, 1976, to the responsib: bidder offering to purchase the bonds at the lowest interest cost to the City, to be computed b7 determining the interest to maturity at the rate or rates specified b7 the bidder and deducting therefrom any premium offered. No bid will be considered for less than ail of the bonds or for a price less than par and accrued interest from the date of the bonds to the date of their delivery. The right is reserved to reject any and all bids or to waive any irregularities .or informalities ~n any bid. Proposals must be unconditional, must be on the City's proposal form prepared for the purpose, must be submitted in sealed envelopes marked ~Proposal for City of Portsmouth, Virginia, General Obligation Bonds· addressed to the undersigned and must be accompanied by 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 unsuc~ cessful 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 credited against the purchase price due for the bonds upon their delivery or retained as and for ~iquidated 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, preperly executed, and the usual closing papers, including a certificate that no litigation is pending affecting the validity of the bonds, will be made to the successful bidder in New York, New York, on August 12, 1976, or as soon thereafter as the bonds may be prepared. Payment of the balance of the purchase price, including of any premium offered must be made in New York Clearing House funds. ' It is anticipated that 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 omission with respect thereto shalLconstitute cause for failure or refusal by the successful bidder for the bonds to accept delivery of and pay for the bonds in accordance with the terms of its proposal. No CUSIP identification number shall constitute or be deemed to be a part of any bond or a part of the contract evidence thereby and no liability shall attach to the City or any of its officers or agents because of or on account of any such number or any 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 opinion of Messrs. Wood Dawson Love ~ Sabatine approving the validity of the bonds will be furnished the successful bidder for the bonds. Such opinion will state that the bonds constitute valid and legally binding obligations of the City and that the City has power and is obligated to levy ad valorem taxes for the payment of the 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 the bonds and the enforceability thereof may be. subject to judicial discretion and to valid bankruptcy, insolven( reorganization, moratorium and other laws for the relief of debtors, and will also state that the interest on the bonds is exempt from taxation by the U~ited States of America under existing law and under the existing law of the Commonwealth of Virginia such interest is not includable in computing the Virginia income tax. A copy of such opinion will be printed on each bond. Requests for proposal forms, for the official statement pertaining to the Bonds and for further information should be addressed to Mr. Roy W. Cherry, Director of Finance, City of Portsmouth, P. O. Box 820, Portsmouth, Virginia 25705. Proposal forms and the official statement may also be obtained at the office of Messrs. Wood Dawson Love ~ Sabatine 48 Wall Street, New York, New York lOOOS. Robert T. Williams City Manager Portsmouth, Virginia' d iO. The City Attorney of the City shall and is hereby directed to file a copy of this resolution, certified by the City Clerk of the City to be a true copy hereof, with the Circuit Court of the City of Portsmouth, Virginia, and said City Clerk shall and is hereby directed to publish once within ten {10) days of the date of such filing a notice in The Virginian-Pilol a newspaper of general circulation in the City, in accordance with Section 15.1-199 of the Code of Virginia, 1950, as amended. Such notice shall be in substantially the following form: 'LEGAL NOTICE Notice is hereby given pursuant to Section 15.1-199 of the Code of Virginia, 1950, as amended, that the Council of the City of Portsmouth, Virginia, adopted on July 15 1976, a resolution authorizing the issuance of $10,OOO,OOO principal amount of General Obliga-~ tion Bonds of said City and caused a certified copy of said resolution to be filed in the Circuit Court of the City of Portsmouth on ~[fil~.~ 16 , 1976, The proceeds of the sale of::s~i;d-bonc~:;)shall be applied to the payment of the costs of the following public improvement projects in substantially the following respective amounts: