Res13 15263 - Laserfiche WebLink

Browse Search

(2) As of the date of its bid and as of the date of delivery of the Bonds, all members of the bidder's syndicate either participate in DTC or clear through or maintain a custodial relationship with an entity that participates in DTC. BEST BID: The Bonds will be awarded to the responsible bidder or bidders offering to purchase the Bonds at the lowesf true interest cost ("TIC") to the Authority. The TIC is the nominal annual interest rate which, when compounded semiannually using a 360 day year, and used to discount all debt service, payments on the Bonds from each maturity's stated maturity dates to the dated date of the Bonds (assumed to be June 20, 2013), results in an amount equal to the purchase price for the Bonds to be received by the Authority (par value less any discount or plus any premium). In the event that two or more bidders offer bids at the same lowest TIC, the Authority will determine by lot which bidder will be awarded the Bonds. For the purpose of calculating the TIC, the mandatory sinking fund payments, if any (see "SINKING FUND REDEMPTION" above), shall be treated as serial maturities in such years. The determination of the bid representing the lowest TIC will be made without regard to any adjustments made or contemplated to be made after the award to the lowest bidder, as described herein under "ADJUSTMENT OF PRINCIPAL AMOUNTS AND OF MATURITIES", even if such adjustments have the effect of raising the TIC of the successful bid to a level higher than the bid containing the next lowest TIC prior to �adjustment. Bid evaluations or rankings made by Parity are not binding on the Authority. Each bidder is requested, but not required, to state in its bid the percentage true interest cost to the Authority, which shall be considered as informative only and shall not be binding on either the bidder or the Authority. The determination of the best bid by the Authority shall be binding and conclusive on all bidders. RIGHT OF CANCELLATtON OF SALE BY THE AUTHORITY: The Authority reserves the right, in its sole discretion, at any time to cancel the public sale of the Bonds. In such event, the Authority shall cause notice of cancellation of this invitation for bids and the public sale of the Bonds to be communicated through Parity as promptly as practicable. However, no failure to publish such notice or any defect or omission therein shall affect the cancellation of the public sale of the Bonds. RIGHT TO MODIFY OR AMEND: The Authority reserves the right, in its sole discretion, to modify or amend this official Notice of Sale including, but not limited to, the right to adjust and change the principal amount and principal amortization schedule of the Bonds being offered; provided, however, such modifications or amendments shall be made not later than 1:00 P.M., Pacific Daylight time, on the business day prior to the bid opening and communicated through Parity as soon as practical following such postponement. RIGHT OF POSTPONEMENT BY THE AUTHORITY: The Authority reserves the right, in its sole discretion, to postpone, from time to time, the date and/or the time established for the receipt of bids. Any such postponement will be communicated through Parity not later than 10:00 A.M., Pacific Daylight time, on the business day prior to any announced date for receipt of bids. If any date is postponed, any alternative sale date will be announced through Parity at least 24 hours prior to such alternative sale date. On any such alternative sale date, any bidder may submit a bid for the purchase of the Bonds in conformity in all respects with the provisions of this Official Notice of Sale, except for the date of sale and except for the changes announced by through Parityat the time the sale date and time are announced. -6-