R-1999-26 - Laserfiche WebLink

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e e 1/20 of 1%. The spread between the highest and lowest interest rates Darned may not exceed 1 % in rate. Bi~ providing for zero or supplemental interest rates will not be considered. Award of Sale For the purpose of awarding the Bonds, the interest cost of each bid will be computed by determining, at the interest rate or rates specified therein, the total dollar amount of all interest and deducting therefrom the premium bid, if any. In the event of an error in interest cost calculations, the interest rates named in the Official Bid Form will govern. The Authority agrees to either award the Bonds on the sale date to the bidder whose bid on the above computation produces the lowest interest cost to the Authority and is in strict accordance with the bidding conditions of this Official Notice of Sale or reject all bids and readvertise the Bonds for competitive bids. No award will be made to any bidder bidding on terms and conditions not in strict conformity with this Official Notice of Sale. Issue Price Certificate To provide the Authority with information to enable it to comply with certain conditions of the Internal Revenue Code of 1986, as amended, relating to the exclusion of interest on the Bonds from gross income for federal income tax purposes, the successful bidder will be required to complete, execute and deliver to the Authority (on the next business day after award of the Bonds is made) a certification regarding "issue price" substantially in the form enclosed herewith as Exhibit A to this Notice of Sale. If the successful bidder will not reoffer the Bonds for sale or has not sold a substantial amoWlt of the bonds of any maturity by the date of delivery, such certificate may be modified in a manner approved by the Authority. In no event will the Authority fail to deliver the Bonds as a result of the successful bidders inability to certify actual sales of Bonds at a particular price prior to delivery. Each bidder, by submitting its bid, agrees to complete, execute, and deliver such a certificate by the date of delivery of the Bonds, if its bid is accepted by the Authority. It will be the responsibility of the successful bidder to institute such syndicate reporting requirements, to make such investigation, or otherwise to ascertain the facts necessary to enable it to make such certification with reasonable certainty. Any questions concerning such certification should be directed to Bond COWlsel. Good Faith Deposit Each bid must be secured by a Good Faith Deposit in the form of a Bank Certified or Bank Cashier's Check in the amoWlt of 5161,600 payable to the La Porte Area Water Authority. The Good Faith Deposit may accompany the Official Bid Fonn or it may be submitted separately, if submitted separately, it must be made available to the payee prior to the opening of the bids and must be accompanied by instructions of the bank on which drawn, which authorizes its use as a Good Faith Deposit by the successful bidder (the "Purchaser") who must be named in such instructions. The check of the Purchaser will be retained by the Authority to assure perfonnance of the contract on the part of the Purchaser. In the event the Purchaser should fail or refuse to take up and pay for the Bonds in accordance with his bid, then said check will be cashed and accepted by the Authority as full and complete liquidated damages. Otherwise, the Good Faith Check will be returned to the Purchaser upon the delivery of and payment for the Bonds. No interest will be paid by the Authority on the Good Faith Deposit. The checks of the Wlsuccessful bidders will be returned after award of the sale is made. DELIVERY OF THE BONDS AND ACCOMPANYING DOCUMENTS CUSIP Numben It is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to print such number on any Bond nor any error with respect thereto shall constitute cause for a failure or refusal by the respective Purchaser to accept delivery of and pay for the Bonds in accordance with the terms of this Official Notice of Sale and the tenns of the Official Bid Fonn. All expenses in relation to the printing ofCUSIP numbers on the Bonds will be paid by the Authority; provided, however, that the CUSIP Service Bureau charge for the assignment of the numbers shall be the responsibility of and shall be paid for by the Purchaser. Delivery of Initial Bond Deliyery of the Bonds will be accomplished by the issuance of one Bond (the "Initial Bond"), either in typed or printed form in the aggregate principal amount of 58,080,000, payable to the Purchaser, signed by the manual or facsimile signatures of the President and Secretary of the Board of Directors, approved by the Attorney General of the State of Texas, and registered by the Comptroller of Public AccoWlts of the State of Texas. Delivery (the "Initial Delivery") will be at the corporate trust office of the Registrar. Payment for the Inltial Bond must be made in immediately available funds for unconditional credit to the Authority, or as otherwise directed by the Authority. The Purchaser will be given five (5) business days notice of the time fIXed for delivery of the Initial Bond. It is anticipated that Initial Delivery can be made on or about October 6, 1999, and it is understood and agreed that the Purchaser will accept delivery and make payment for the Initial Bond on October 6, 1999, or thereafter on the date the Initial Bond is tendered for delivery, up to and including October 13, 1999. If for any reason the Authority is Wlllble to make delivery on or before October 13, 1999.. then the Authority will immediately contact the Purchaser and allow the Purchaser to extend his offer for an additional thirty (30) days. If the Purchaser does not elect to extend his offer within six days thereafter, then the Good Faith Deposit will be returned, and both the Authority and the Purchaser will be relieved of any further obligation. 3 IS