Res69 6018 - Laserfiche WebLink

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. . INTEREST RATE: Maximum six per cent (6%) per annum, payable semiannually on January 1 and July 1 in each year. Bidders must specify the rate or rates of inter- est which the bonds shall bear. Bidders may specify any number of separate rates of interest and the same rate or rates may be repeated as often as desired; provided that: (i) the difference between the lowest and highest interest rates specified in any bid 'shall not exceed i%; (ii) each interest rate specified must be in a multiple of 1/20 of 1% and a zero rate of interest cannot be specified; (iii) all Reclamation Bonds maturing in the same year shall bear the same rate of interest, and all Facilities Bonds maturin~ in the same year shall bear the same rate of interest; (iv) no bond shall bear more than one rate of interest, no interest payment shall be evidenced by more than one coupon, and sup- plemental coupons will not be permitted; (v) each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; (vi) any premium must be paid in bank funds as part of the purchase price, and no bid will be accepted which contemplates the cancellation of any interest coupons or the waiver of any interest or other concession by the bidder as a substitute for payment in full of the purchase price in bank funds; and (vii) any discount specified in any bid shall not exceed 8 per cent of the aggregate principal amount of the bonds bid for as specified below under the heading "Form of Bid". Bids which do not conform to the terms of this paragraph will be rejected. REDEMPTION: Bonds maturing by their terms on or prior to July 1, 1982, shall not be sUbject to call or redemption prior to their fixed maturity dates. Bonds of each issue maturing by their terms on and after July 1, 1983, shall be subject to call and redemption at the option of the Council, as a whole, or in part in inverse numerical order from higher to lower, on July 1, 1982 (but not prior thereto), and on any interest payment date thereafter prior to their fixed maturity date or dates at the principal amount thereof and accrued interest thereon to date of redemption, together with a premium of (a) one per cent (1%) of the principal amount thereof and (b) an addi- tional one-quarter' of one per cent (1/4 of 1%) of such prin- cipal amount for each whole year and for any remaining fraction of a year from the date fixed for redemption to the stated maturity of the bonds so called for redemption, provided, however, that the aggregate premium payable upon redemption of any bond shall not exceed the interest payable on such bond for one year. PAYMENT: Both principal and interest are payable in lawful money of the United states of America at the office of the Treasurer of the City in Redwood City, San Mateo County, California, or at the option of the holder at the San Francisco Main Office of Bank of America National Trust and Savings Association in San Francisco, California, the principal office of Chemical Bank in New York, New York, or the of The First National Bank of Chicago in Chicago, Illinois. 13