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<br />TERMS OF SALE <br /> <br />Highest Bid: The bonds will be awarded to the highest bidder <br />considering the interest rate or rates specified <br />and the premium offered, if any. The highest bid will be <br />determined by deducting the amount of the premium bid (if any) <br />from the total amount of interest which the City would be <br />required to pay from the date of said bonds to the respective <br />maturity dates at the coupon rate or rates specified in the <br />bid, and the award will be made on the basis of the lowest net <br />interest cost to the City. The lowest net interest cost shall <br />be computed between the dates aforesaid on a 360-day year basis. <br />The purchaser must pay accrued interest from the date of the <br />bonds to the date of delivery. The cost of printing the bonds <br />will be borne by the City. <br /> <br />The City of Redwood City reserves the right, in <br />its discretion, to reject any and all bids and <br />to waive any irregularity or informality in any <br />bid. <br />The Council of the City of 'Redwood City will take <br />action awarding the bonds or rejecting all bids <br />not later than 24 hours after the expiration of <br />the time herein prescribed for the receipt of proposals: provided <br />that the award may be made after the expiration of the specified <br />time if the bidder shall not have given to the Council notice in <br />writing of the withdrawal of such proposal. <br /> <br />~ht of <br />e.~ction: <br /> <br />promat <br />Awar. : <br /> <br />iWf' <br /> <br />Delivery of said bonds will be made to the <br />successful bidder at the office of the City <br />Treasurer in Redwood City, California, as soon <br />as the bonds can be prepared, which it is estimated will be <br />within 30 days from the date of sale thereof, but not prior to <br />December 15, 1956. <br /> <br />Prompt <br />Delivery: <br /> <br />Right of The successful bidder shall have the right, at his <br />Cancellation: option, to cancel the contract of purchase if the <br />City shall fail to tender the bonds for delivery <br />within sixty (60) days from the date of sale thereof, and in such <br />event the successful bidder shall be entitled to the return of <br />the deposit accompanying his bid. <br /> <br />Form of Bid: All bids must be for not leas than all of the bonds <br />hereby offered for sale; and for not lesa than the <br />par value thereof and accrued interest to date of delivery. Such <br />bids, together with bidder's check, must be enclosed in a sealed <br />envelope addressed to the Council of the City of Redwood City and <br />endorsed "Proposal for City of Redwood City 1956 Police Station <br />Bondall. <br /> <br />Bid Check: With each bid must be submitted a certified check <br />or cashier's check for $l,OOO,drawn on a bank or <br />trust company transacting business in the state of California, <br />payable to the order of the City Treasurer of the City of Redwood <br />City, to secure the City from any loss resulting from the failure <br />of the bidder to comply with the terms of his bid. In addition <br />bidders are requested (but ~ot required) to supply an estimate of <br />the total net interest cost to the City on the basis of their <br />respective bids, which shall be considered as informative only <br />and not binding on either the bidder or the City. Checks of <br />the unsuccessful bidders will be returned by the City by mail <br />upon the award of the bonds. No interest will be paid upon the <br />deposit made by the suocessful bidder. <br /> <br />3 <br />