Resolution 1975-29 - Laserfiche WebLink

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The bonds wi:11 be issued pursuant to the laws of the State of Colorado, and particularly Title 31, Article 35, Part 4, Colorado Revised Statutes 1973, as amended. It is anticipated that the bonds will be delivered within sixty (60) days,, at a bank or trust company in Denver, Colorado, or at any other bank or trust company at the request and expense of the purchaser. Bids may be conditioned upon receipt of the approving legal opinion of the bond attorneys named below, but must in any and all other respects be unconditional. Bidders are to designate the rate or rates of interest, to be evidenced by_ a single set of intere:~t coupons, on which their bids are based. The maximum coupon rate or rates for said issue of bonds shall not exceed 9.00. Interest rates must be stated in multiples of twentiE~ths or eighths of one per cent, but the highest rate bid for any of the bonds shall not exceed the lowest rate bid by more than three per cent (3g). No more than one interest rate shall be bid for the bonds maturing in a single year. Said bonds small not be sold at less than par and accrued interest to they date of delivery thereof, subject to the right of the City Council to reject any and all bids. Subject to such conditions, the bonds will be awarded to the bidder naming the lowest Net Interest Cost to the City, as hereinafter defined. For information purposes only, the bidders are requested to state in their bids (a) the total net interest cost in dollars and cents, which is defined as the total amount of interest to accrue from date of issue to date of maturity, without regard to prior redemption provisions, less the amount of cash. premium bid, if any, and (b) the net effective interest rate in a stated per centum. The premium, if any, must be paid in cash as a part of the purchase price. In the opinion of bond counsel, the interest on said bonds will be exempt from taxation by the United States of America, under present Federal Income Tax Laws, and from taxation by the State of Colorado, except inheritance, estate and transfer taxes, under present laws of the State of Colorado. Printed bonds, a certified transcript of legal pro- ceedings and the approving opinion of Messrs. Willson and Lamm, Attorneys of Denver, Colorado, will be furnished at the City's expense. A certified copy of said approving opinion will be printed on each bond. The City of Louisville reserves the right to reject any and all bids, and further, the right to waive any defect or irregularity in any bid. Bids should be directed to Mr. Leon Wurl, City Manager, 749 Main Street, Louisville, Colorado. Each bid must be accompanied by a certified or cashiers check payable to the City of Louisville, Colorado, in the amount of $5,600. Checks of unsuccessful bidders will be returned promptly after bid openings. The check of the successful bidder will be retained, without interest, and applied on the bond purchase if the purchase is completed, otherwise as liquidated damages.. - 4 -