1978-11 CRA - Laserfiche WebLink

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I 2/28/78 The Bonds will be awarded to the highest responsible bidder or bidders considering the interest rate or rates specified and the premium or discount o1Iered, if any. The highest bid will be determined by deducting the amount of premium bid (if any) from, or adding the amount of discount bid (if any) to, the total amount of interest which the Agency would be required to pay from the date of the Bonds to the respective maturity dates thereof at the coupon rate or rates specified in the bid, and the award win be made on the basis of the lowest net interesll cost to the Agency. The purchaser must pay accrued interest from the date of the Bonds to the date of delivery computed on a 36ü-day year basis. The cost <>!' printing the .Bonds will be borne by the Agency. Right of Rejectioo: The Agency reserves the right, in its discretion, to reject any and all bids and to the extent not prohibited by law to waive any irregoIarity or informality in any bid. , Prompt Award: The Agency will take action awarding the Bonds or rejecting all bids not later than twenty-six (26) hours after the time herein prescribed for the receipt of proposals; provided that the award may be made after the expiration of the specified time if the bidder shall not have given to the Agency notice in writing of the withdrawal of such proposal. Place of Delivery; FUDds for Payment: Delivery of the Bonds will be made to the successful bidder at 1elfries Banknote Company in Los Angeles, California, or at such other place agreeable to both the successful bidder and the Agency. Payment for the Bonds shall be made in Federal Reserve Bank Funds or other immediately available funds. Prompt Delivery; Cancellation for Late Denvery: The Agency reserves the right to deliver the Bonds in temporary or fully registered form, pending availability of definitive Bonds. It is expected that the definitive Bonds will be ready for delivery or exchange within thirty days from the date of sale thereof. In no event shall the Agency fail to execute the Bonds in definitive form and tender them for delivery within sixty days from the date herein fixed for the receipt of bids. Fonn of Bid: Each bid, together with the bid check, must be in a sealed envelope, addressed to the Agency in care of O'Melveny & Myers, with the envelope and bid clearly marked "Proposal for City of Santa Ana Redevelopment Project Area, 1978 Tax Allocation Bonds". Each bid must be in accordance with the terms and conditions set forth in this notice. . Bid Check: A certified or cashier's check on a responsible bank or trust company in the amount of $135,000, payable to the order of the Agency, must accompany each proposal as a guaranty that the bidder, if successful, win accept and pay for the Bonds in accordance with the terms of his bid. The check accompanying any accepted proposal shall be applied on the purchase price, or if such proposal is accepted but not performed, unless such failure of performance shall be caused by any act or omission of the Agency, shall then be cashed and the proceeds retained by the Agency. The check accompanying each unaccepted proposal will be returned promptly. Change in Tax Exempt Status: At any time before the Bonds are tendered for delivery, the successful bidder may disaffirm and withdraw the proposal if the interest received by private holders from Bonds of the same type and character shall be declared to be taxable income under present federal income tax laws, either by a ruling of the Internal Revenue Service or by a decision of any federal court, or shall be declared taxable, or shall be required to be taken into account in computing any federal income taxes, by the terms of any federal income tax law enacted subsequent to the date of this notice. Closing Doeuments; Legal Opinion: Each proposal will be understood to be conditioned upon the Agency furnishing to the purchaser, without charge, concurrently with payment for and delivery of the bonds, the following closing documents, each dated the date of delivery: 3 " 5.