1988 RES R-102-88 - Laserfiche WebLink

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2 3 4 5 6 7 8 w, 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Section 1. Sale Authorized; Time and Place for Bids. The sale of not to exceed Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000) principal amount Certificates of Participation (Corporation Yard Project) (hereinafter the "Certificates") in accordance with law, is hereby authorized. Tuesday, November 15, 1988 (and without further advertising and so long as a proposal has not theretofore been accepted by the City, Tuesday, November 22, 1988 and each Tuesday thereafter) and the hour of 11:00 a.m. Pacific Standard Time is hereby fixed as the time, and a location to be determined by Miller & Schroeder Financial, Inc., as financial consultant (the "Financial Consultant") to the City, is hereby fixed as the place, at which bids will be received for the purchase of the Certificates, as described in and subject to the terms and conditions of the Official Notice of Sale hereinafter referred to. Sale of the Certificates shall be awarded within 48 hours of the receipt of bids by the City to the responsible bidder offering the lowest net interest cost to the City, with the City reserving the right to reject any and all bids; provided that the aggregate principal amount of the Certificates shall not exceed Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000), the stated interest rate for any maturity of Certificates may not exceed twelve percent (12.0%) per annum, and the initial purchaser's discount may not exceed three percent (3.0%) of the aggregate principal amount of the Certificates. Section 2. Official Notice of Sale. The invitation for bids for the purchase of the Certificates is hereby auth- -2-