Res69 6018 - Laserfiche WebLink

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r- I . , . . will be determined by deducting the amount of the premium bid (if any) from, or by adding the amount of the discount bid (if any) to, the total amount of interest which the District would be required to pay from the date of the bonds to their re- spective maturity dates at the interest rate or rates speci- fied in the bid, and the award will be made on the basis of the lowest net interest cost to the District. The purchaser of each issue must pay accrued interest from the date of the bonds to the date of delivery. All interest shall be com- puted on a 360-day year basis. The cost of printing the bonds will be borne by the District. RIGHT OF' REJECTION: The Council reserves the right, in its discretion, to reject any and all bids and to waive any irre~ularity or infor- mality in any bid. PROMPT AWARD: Bids will be reviewed by the Council at an adjourned regular meeting at 7:30 P.M. on the sale date above specified at the Supervisors' Chambers, Hall of Justice and Records, Redwood City, California. The Council will take action awarding the bonds of each issue or rejectin~ all bids therefor not later than 24 hours after the expiration of the time herein pre- scribed for the receipt of proposals, unless such time of award is waived by the successful bidder therefor. Prompt notice of the awards will be given to the successful bidders. PROMPT DELIVERY: Delivery of each issue of.the bonds will be made to the successful bidder therefor at the San Francisco Main Office of Bank of America National Trust and Savings Association in San Francisco, California, on July 30, i969, or as soon there- after as the bonds can be prepared. Payment of the purchase price for each issue must be made in funds immediately avail- able to the Treasurer of the City in Redwood City, California. RIGHT OF The successful bidder for each issue shall CANCELLATION: have the right, at his option, to cancel the contract of purchase if the Council shall fail to execute the bonds of such issue and tender the same for delivery within sixty (60) days from the date of sale thereof, and in such event such successful bidder shall be en- titled to the return of the deposit accompanying his bid. FORM OF BID: Bids must be for all of the bonds or for all of the Reclamation Bonds or Facilities Bonds, and for not less than the par value of the bonds bid for and accrued interest on the bonds bid for to date of delivery, plus such premium or less such discount as is specified in such bid; provided that the amount of the discount specified in any bid shall not exceed 8 per cent of the aggregate principal amount of the issue bid for. Each bid together with bidder's check or checks must be enclosed in a sealed envelope addressed to the City Council of the City of Redwood City, Redwood City, California, and en- dorsed as follows: 15