Res85 9902 - Laserfiche WebLink

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the event two or more bids are received which set forth identical interest rates and premium per dollar principal amount, if any, and aggregate a principal amount in excess of the principal amount of unawarded Notes, the City Council reserves the right to exercise its own discretion and judgment in making the award and may award the Notes on a pro rata basis in such denominations as the City shall determine. Each successful bidder must pay interest accrued on the Notes from their date to the date of delivery, computed on a 30-day month/360-day year basis. RIGHT OF REJECTION: The City Council reserves the right, in its discretion, to reject any and all bids and to the extent not prohibited by law to waive any irregularity or informality in any bid. PROMPT AWARD: The Ci ty Counci 1 wi 11 take action awardi ng the Notes or rejecting all bids not later than twenty-six (26) hours after the time herein prescribed for the receipt of proposals; provided that the award may be made after the expiration of the specified time if the bidder shall not have given to the City Council notice in writing of the withdrawal of such proposal. PLACE OF DELIVERY; FUNDS FOR PAYMENT; PRINTING: Delivery of said Notes will be made to the successful bidder or bidders in San Francisco, California. Payment for the Notes shall be made in Federal Reserve Bank funds or other immediately available funds. The cost of printing the Notes shall be borne by the City. PROMPT DELIVERY; CANCELLATION FOR LATE DELIVERY: It is expected that said Notes will be delivered to the successful bidder or bidders on or about August 30. The City reserves the right to deliver the Notes in temporary form exchangeable within seven days for definitive Notes, at no cost to the successful bidder or bidders. Any successful bidder shall have the right, at its option, to cancel the contract of purchase if the City shall fall to execute the Notes and tender them for de 1 i very wi th in 30 days from the date herein fixed for the receipt of bids. FORM OF BID: No bid may be for less than the par value of the Notes bid upon, plus accrued interest to the date of delivery. No discount will be permitted. Each bid must be in a sealed envelope, addressed to the City Council of the City of Redwood City with the envelope clearly marked "proposal for City of Redwood City 1985 Tax and Revenue Anticipation Notes." Each bid must be in accordance with the terms and conditions set forth herein and must be submitted on, or in substantial accordance with, proposal forms provided by the City. BID CHECK: A certified or cashier' s check drawn on a responsible bank or trust company in the amount of one percent (1%) of the principal amount of the Notes bi d, payabl e to the order of the Di rector of Fi nance of the City of Redwood Ci ty, must accompany each propos a 1 as a guaranty that the bi dder, if successful, will accept and pay for the Notes in accordance with the terms of its bid. The check accompanying any accepted proposal will be cashed promptly after the acceptance, and the proceeds shall be applied to the purchase price -3-