1978 RES NO. 3808 - Laserfiche WebLink

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may, at the purchaser's -option, prior to -the t�nderTof the -Bonds by: the City, be relieved -of the obligation under the contract to purchase the Bonds. NON -ARBITRAGE: A certificate that the Bonds are not arbitrage bonds within the meaning of Section 103 (c) of the Internal Revenue Codef of 1954, as amended, will be provided by the City to the purchaser at the time of delivery of the Bonds. NO LITIGATION: At thistimethere is no litigation pending concerning the validity of the Bonds, the organization of the City . or the title of the officers to their respective offices, and the City will provide to the purchaser a certificate to the foregoing as of and at the time of delivery of -the Bonds. - TERMS OF SALE AWARD: The Bonds will be awarded to the highest bidder considering the interest rate specified and the premium offered, if any, or the discount bid, of any. The highest bid will be determined by deducting the amount of the premium. (if any) from or by adding the amount of the discount bid (if any) to the total amount of interest to be paid from the date of said Bonds on the decreasing principal balances thereof to 1993 at the coupon rate specified in the bid , and the award will be made on the basis of the lowest net interest cost. In determining the lowest net effectiveg interest terest cost for the bonds all computations si p ncludzng discounts will be based on and computed on the amount of assessment to be confirmed. All interest will be computed on a 360 -day year basis. The cost of printing the bonds will be borne by the City. DISCOUNT: No bid for less than ninety-six percent (96%) of par will be considered. FORM OF BID: All bids must be unconditional and for not less than all of the Bonds offered. Bids will be accepted on a flat basis, with no requirement of payment of accrued interest, and bidders shall state separately the premium, if any, or discount, if any, and the rate of interest offered for said bonds. Each bid shall be for the entire amount of the bonds to be issued at a single rate of interest, and any bids for less than the entire amount of said securities or for varying rates of interest will be rejected. Bids must be enclosed in a sealed envelope addressed to the City Clerk, City of Colton and endorsed "Proposal for Improvement Bonds, City of Colton, Assessment District No. 78-1 (Mt. Vernon Avenue and Cooley Drive, Phase 11) ". All proposals must be delivered to the office of the City's financing consultant, Stone & Youngberg Municipal Financing Consultants,Inc., 1541 Wilshire Boulevard, Los Angeles, California 900'17, prior to 11: 00 o'clock A.M. on May 11, 1978.