Minutes 10/01/1985 - Laserfiche WebLink

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~cto~e~ l~ 1985 interest from the date of the Bonds to the date of their delivery. The right is reserved to reject any and all bids and to waive irregularities or informalities in 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, Bonds" addressed to the undersigned and must be accompanied by a certified or bank cashier's check in the amount of $600,000 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 such good faith deposit. Good faith checks of unsuccessful bidders will be promptly returned to the representatives thereof. The good faith Oheck 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 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~usu~l closing papers, including a certificate that no litigation is pending affecting the validitylof the Bonds, will be made to the successful bidder in New York, New York, on November 20, 1985, or as soon thereafter as the Bonds may be prepared. Payment of the balance off'he purchase price, including any premium offered, must be made in Federal Funds. The successful bidder shall deliver written instructions to the Registrar, not less than five business days prior to the scheduled delivery of the Bonds, as to the manner in which the Bonds shall be registered at delivery, including the name and address of each registered holder and, if a single registered holder shall require more than one Bond of any maturity, the number and amount of Bonds of such maturity to be registered to such registered holder. In the absence of instructions, Bonds will be registered in the name of the successful bidder. 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 shall constitute 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 evidenced thereby and no liability shall attach to the City or any of its officers or agents because of or on account of any number or any use made thereof. All expenses in relation to the printing of CUSIP identification numbers on t-he Bonds shall be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment of such numbers shall be the responsibility of and shall be paid by the successful bidder for the Bonds. The respective opinions of wood Dawson Smith & Hellman approving the validity of each issue of Bonds will be furnished the successful bidder for the Bonds. Each such opinion 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 valorem 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, to the valid exercise of the sovereign police powers of the Commonwealth of Virginia and of the constitutional powers of the United States 'of America, and to valid bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditor's rights, and will also state that the interest on such Bonds is exempt from federal income taxation under existing law and regulations, and under the existing law of the Commonwealth of Virginia such interest is not includable in computing the Virginia income tax on individuals. A copy of the respective opinion will be printed on the respective bonds.