RES 02047 - Laserfiche WebLink

computing the present worth of all payments of principal and interest to be paid on all Bonds from the date of original delivery thereof (which shall be assumed for computational purposes to be June 6. 2002). to their respective maturity dates or mandatory sinking fund prepayment dates. produces an amount equal to the purchase price specified in such bid. For purposes of computing the true interest cost represented by any proposal. the purchase price specified in such proposal shall be equal to the par amount of the Bonds less any discount or plus any premium specified in such proposal. and the true interest cost shall be calculated by the use of a semiannual interval of compounding interest based on the interest payment dates for the Bonds. All interest will be computed on a thirty (30) day month. 360-day year basis. In the event of two or more bids setting forth identical true interest cost are received, the City reserves the right to exercise its O\\TI discretion and judgment in making the award' and may award the Bonds to one of the lowest bidders. Right of Rejection: The City reserves the right. in its discretion. to reject any and all bids and to waive any irregularity or infonnality in any bid. Prompt Award: The City will take action awarding the Bonds or rejecting all bids not later than 48 hours after the expiration of the time herein prescribed for the receipt of bids. unless such time of award is waived by the successful bidder. Delivery and Payment. It is estimated that delivery of the Bonds will be made to the successful bidder by June 6. 2002. Payment of the purchase price (less the amount of the bid check mentioned below) must be made in funds immediately available to the City. The cost of preparing the Bonds will be borne by the City. Right of Cancellation: The successful bidder shall have the right at its option to withdraw its bid if the City shall fail to issue the Bonds and tender the same for delivery within sixty (60) days from the date of sale thereof. and. in such event. the successful bidder shall be entitled to the return of the deposit accompanying the bid. Form of Bid: Bids must be submitted on the Official Bid Fonn accompanying this Official Notice of Sale or on the fonn provided by PARITY if the bid is submitted via the PARITY electronic bidding system. The bids must be for all of the Bonds and for not less than 99% of the principal amount thereof plus accrued interest to the date of delivery. Each bid must be in accordance with the tenns and conditions set forth herein. Telefax Bid: Bidders may submit their bid by telefax to Bartle Wells Associates. on or before 10:00 a.m. on the date of sale. Neither the City nor Bartle Wells Associates takes any responsibility for any difficulties in receiving fax transmittals prior to the deadline for receipt of bids. The fax number to be used for this purpose is 510.653.3769. All bids must be accompanied by a good faith deposit as described in the .'Good Faith Deposit" section herein. Electronic Bids (via PARITY): Bids may be submitted electronically via PARITY in accordance with this Official Notice of Sale. on or before 10:00 a.m. on the date of sale. To the extent any instructions or directions set forth in PARITY conflict with this Official Notice of Sale. the terms of this Official Notice of Sale control. Neither the City nor Bartle Wells Associates takes any responsibility for any difficulties in receiving electronic bids via PARITY prior to the deadline for 4