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HomeMy WebLinkAbout3807 � � , , � CITY OF AUBURN, WASHINGTON ORDINANCE N0. 3807 AN ORDINANCE of the City of Auburn, Washington, relating to the waterworks utility of the City and amending Section No. 9 on page 9 of Ordinance No. 3802. THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, DO ORDAIN as follows : Section 1. Section 9 on page 9 of Ordinance No. 3802 is amended to change the section number and to read as follows : Section 12. The Bonds shall be sold for cash at public sale for not less than par, plus accrued interest. The City Clerk is authorized to give notice calling for bids to purchase the Bonds by publishing such notice as required by law, and a short abbre- viated form of such notice also shall be published once in The Seattle Daily Journal of Commerce and Northwest Construction Record of Seattle, Washington, at least ten days prior to the sale date. Such notice shall specify that sealed bids for the pur- chase of the Bonds shall be recei4ed by the City Clerk in her office in the City Hall on October 18, 1982, up to 11 :00 a.m. , local time, at which time all bids will be publicly opened and read and an award made by the City Council at its regular meeting to be held in the City Council Chambers commencing at 8:00 p.m. , local time, on the same date. Bids shall be invited for the purchase of the Bonds with fixed maturities in accordance with the schedule specified in Section 7 hereof . The notice shall specify the maximum effective rate of interest the Bonds shall bear, namely, 158 per annum, and shall require bidders to submit a bid specifying : (a) The lowest rate or rates of interest and premium, if any, above par at which the bidder will purchase the Bonds; or (b) The lowest rate or rates of interest at which the bidder will purchase the Bonds at par. No bid will be considered for the Bonds for less than par and accrued interest or for less than the entire issue. The purchaser must pay accrued inter- est to date of delivery of the Bonds. Coupon rates shall be in multiples of 1/8 or 1/20 of 1$, or both. No more than one rate of interest may be fixed for any one maturity. Only one coupon will be attached to each of the Bonds for each installment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. The maximum differential between the lowest and highest coupon rates named in any bid shall not exceed 38. For the purpose of comparing the bids only, the coupon rates bid being controlling, each bid shall state the total interest cost over the life oP the Bonds and the net effective interest rate of the bid. The Bonds shall be sold to the bidder making the best bid, subject to the right of the City Council to reject any and all bids and to readvertise the Bonds for sale in the manner prov3ded by law, and no bid for less than all of the Bonds shall be considered. The City further reseives the r3ght to waive any irregularity in any bid or in the bidding process. - Z - � } � All bids shall be sealed and, except the bid of the State of Washington, if one is received, shall be accompanied tiy a deposit of $100, 000. The deposit shall be by either certified or cash3er ' s check made payable to the City Finance Director and shall be returned promptly if the bid is not accepted. The City reserves the right to invest the good faith deposit of the purchaser pending the payment for the Bonds. The purchaser shall not be credited for earn- ings on such investments. If the Bonds are ready for delivery and the successful bidder shall fail or neglect to complete the purchase of the Bonds wibhin forty days following the acceptance of its bid, the amount of its deposit shall be forfeited to the City and in that event the City may accept the bid of the one making the next best bid. If there be two or more equal bids for not less than par plus accrued interest and such bids are the best bids received, the City Council shall determine by lot which bid shall be accepted. The Bonds will be delivered to the successful bidder upon payment of the purchase price plus accrued interest to the date of delivezy, less the amount of the good faith deposit, at the office of the City Clerk or in Seattle, Washington, at the City' s expense, or at such other place upon which the City Clerk and the successful bidder may mutually agree at the �purchaser ' s expense. Settle- ment shall be made in federal funds immediately available at the time of delivery of the Bonds. A no-litigation certificate in the usual form will be included in the closing papers. - 3 - +� �' CUSIP numbers will be printed on the Bonds if requested in the bid of the successful bidder, but neither failure to print such numbers on any bond nor error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds in accor- dance with the terms of the purchase contract. All expenses in relation to the printing ot CUSIP numbers on the Bonds shall be paid by the City, but the fee of the CUSIP Service Bureau for the assignment of those numbers shall be the responsibility of and shall be paid by the purchaser. Any bid presented after the time specified for the receipt of bids will not be received, and any bid not accospanied by the required bid deposit at the time of opening will not be read o= considered. If, prior to the delivery of the Bonds, the interest receivable by the holders thereof shall become taxable, directly or indirectly, by the terms of any federal income tax law, the successful bidder may at its option be relieved of its obligation to purchase the Bonds, and in such case the deposit accompanying its bid will be returned, without interest. The notice of bond sale shall provide that the City will cause the Bonds to be printed or litho- graphed and signed and will furnish the approving legal opinion of Messrs. Roberts 6 Shefelman ( Roberts, Shefelman, Lawrence, Gay � Moch) , bond counsel of Seattle, Washington, covering the Bonds without cost to the purchaser, the opinion also being printed on each bond. Bond counsel shall_ not be - 4 - ,. .•.. . �• required to review or express any opinion concerning the completeness or accuracy of any official state- ment, offering circular or other sales material issued or used in connection with the Bonds, and bond counsel ' s opinion shall so state. Such notice shall also provide that further information regarding the details of the Bonds may be received upon request made to the City Clerk or to Foster & Maishall/ American Express Inc. , the City' s financial consultant . Section 2. All actions heretofore taken consistent with the provisions of this amendatory ordinance are ratified, approved and confirmed. PASSED by the City Council at a regular open public meeting thereof, and APPROVED by the Mayor of the City of Auburn, Wash- ington, this 4th day of October, 1982. INTRODUCED: OCTOBER 4. 1982 PASSED: OCTOBER 4, 1982 APPROVSD: OCTOBE 1982 Mayo ATTEST: � Ci y C erk APPROV D AS TO FORM: � Cit ttorney PUBLISHED: OCTOBER 10, 1982 Ordinance No. 3807 Page 5 of 5 0102a - 5 - STATE OF WASHINCTON) J ss_ GOUNTY OF KZNC J � I, Coralee A.. McConnehey, the duly appointed, qualified City C2erk of the City of Auburn, a Municipal Corporation aru] Code City, situate in the County of King, State of Washington, do hereby certify that the fore- g oinq is a fu11 , true and ..rorrect co�y of Ordinance t✓o, 3807 of the - ordinances of the City of Aubutn, entitled "AN ORDINANCE OF THE CITY OF � ALTBURN, W.ASHINGTON, RECATING TO Tf� FIATEIdn�RKS I]TII,ITY OF TI-IE CITY AND P,ME[�IDIiVG SECTIOfI N0. 9 ON PAE� 9 OF ORDINANCE N0. 3802. I ceitify that said Ordinance No. '�R07 was du2y passed by the Council ' and appmved by the Hayor of the said Cit'g of Auburn, an the L�_day of ' October A.D. , 19 $2 • I further certify that said Ordinance No. 3807 Was published as provided. by Iaw in the Da31y Globe News, a dai2y newspaper published in the City of Auburn, and of genera2 circalation [herein, on the 10 day of October A.D. , 19 82 - WITNESS my hand and the off�cal seal of the City of Auburn, this 1J day of October , A.D. . 19 82_ C/I/ GGI..(it�- C CITY CLERK OF TNE CZTY OF 11UBU N'