1994-002 SAFA - Laserfiche WebLink

Home Browse Search

RESOLUTION 94,002 Page 7 LEGAL OPINION: Copies u~ the legal opinion of Orrick, Herrington & Sutcliffe, of Los Angeles, California, approving the validity of the Series 1994 Bonds, will be furnished to the successful bidder without charge. TERMS OF SALE BEST BID: The Series 1994 Bonds will be awarded to the bidder submitting the bid which represents the lowest true cost ("TIC") to the Authority. The TIC will be that interest rate which, when compounded semi-annually and used to discount all payments of principal and interest payable on the Series 1994 Bonds to the date of such Series 1994 Bonds, results in an amount equal to the principal amount of such Series 1994 Bonds plus the amount of any premium offered, if any, or less the amount of discount specified, if any (disregarding for the purposes of the calculation the accrued interest to the date of delivery of such Series 1994 Bonds). For the purpose of calculating TIC, sinking account payments for the Series 1994 Bonds will be treated as Series 1994 Bonds maturing on the dates of such sinking account payments. In the event that two or more bidders offer bids for the Series 1994 Bonds at the same lowest TIC, the Authority shall determine by lot which bidder shall be awarded the Series 1994 Bonds. The purchaser of the Series 1994 Bonds must pay accrued interest, computed on a 30-day month, 360-day year basis, from the date of the Series 1994 Bonds to the~date of delivery. The cost of preparing the Series 1994 Bonds will be borne by the Authority. RIGHT OF REJECTION: The Authority reserves the right, in its discretion, to reject any and all bids and to waive any irregularity or informality in any bid. PROMPT AWARD: The Authority will take action awarding the Series 1994 Bonds/or rejecting all bids not later than 72 hours ~fter the expiradion of the time herein prescribed for the receipt of proposals, unless such time of award is waived by the successful bidder. Notice of award will be given promptly to the successful bidder. REOFFERING PRICE: As soon as practicable, but not later than 7 days prior to delivery of the Series 1994 Bonds, the successful bidder must deliver to the Authority, c/o Orrick, Herrington & Sutcliffe, 777 South Figueroa Street, Los Angeles, California 90017, attention: William W. Bothwell, a certificate setting forth the initial reoffering prices and concessions for each maturity of the Series 1994 Bonds to the public. Such certificate shall set forth the initial bona fide offering prices to the public (excluding bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters or wholesalers) of each maturity of the Series 1994 Bonds at which a substantial amount (at least 10%) of such maturity was sold. LA 1-77575.1 7