RES 68148 - Laserfiche WebLink

REDEMPTION: Bonds maturing by their terms on or before October 1, 1980, are not subject to redemption prior to their fixed maturity dates. Bonds maturing by their terms on or after October 1, 1981, are subject to redemption, at the option of the City, as a whole, or in part in inverse numerical order from higher to lower, on October 1, 1980 (but not prior thereto), and on any interest payment date thereafter prior to their fixed maturity date or dates, at the principal amount thereof and accrued interest thereon to date of redemption, together with a premium of 1/4 of 1% of such principal amount for each whole year and for any fraction of a year remaining between the date of redemption and the stated maturity date thereof; pro- vided that such premium shall not exceed 4% of such prin- cipal amount. INTEREST RATE: Maximum six per cent (6%) per annum, payable annually the first year on October 1, 1969 and semiannually thereafter on April 1 and October 1 in each year. Bid- ders must specify that rate of interest which the bonds hereby offered for sale shall bear. Bidders may specify any number of separate interest rates irrespective of the maturities of the bonds, and the same rate or rates may be repeated as often as desired; provided, however, that (i) the difference between the highest and lowest coupon rates specified in any bid shall not exceed one and one-half per cent (1-1/2%); (ii) each interest rate specified must be in a multiple of 1/8 or 1/20 of one per cent and a zero rate of interest cannot be specified; (iii) no bond shall bear more than one rate of interest, no interest payment shall be evidenced by more than one coupon and supplemental coupons will not be permitted; (iv) each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; (v) all bonds of the same maturity shall bear the same rate of interest; (vi) the difference between the highest and the lowest annual installments of princi- pal and interest shall not exceed $26,750; and (vii) any premium must be paid in bank funds as part of the pur- chase price, and no bid will be accepted which provides for the cancellation and surrender of any interest coupon or for the waiver of interest or other concession by the bidder as a substitute for immediately available bank funds. Bids which do not conform to the terms of this paragraph will be rejected. PAYMENT: Both principal and interest are pay- able in lawful money of the United States of America at the San Francisco Main Office of Bank of America National Trust and Savings Association, in San Francisco, California, or at holder's option, at the principal office of First National City Bank, in New York, New York, or at the office of The First National Bank of Chicago, in Chicago, Illinois. 11