RES 68148 - Laserfiche WebLink

TERMS OF SALE Hishest Bid: The bonds will be awarded to the highest bidder considering the inter- est rate or rates specified and the premium offered, if any. The highest bid will be deter- mined by deducting the amount of the premium bid (if any) from the total amount of interest which the City would be required to pay from the date of the bonds to their respective maturity dates at the coupon rate or rates specified in the bid, and the award will be made on the basis of the lowest net interest cost to the City. The purchaser must pay accrued interest from.the date of the bonds to the date of delivery. Ail interest will be com- puted on a 360-day year basis. The cost of printing the bonds will be borne by the City. Right of ReSection: The City Council reserves the right, in its discretion, to reject any and all bids and to waive any irregular- ity or informality in any bid. Prompt Award: The City Council will take action awarding the bonds or rejecting all bids not later than 24 hours after the expiration of the time herein prescribed for the re- ceipt of proposals, unless such time of award is waived by the successful bidder. Prompt Delivery: Delivery of the bonds will be made to the successful bidder at the San Francisco Main Office of Bank of America National Trust and Savings Association, in San Francisco, California, as soon as the bonds can be prepared, which it is estimated will be on or about October 21, 1968. Payment for the bonds must be made in funds immediately available to the City in San Fran- cisco, California. Righ~ of The successful bidder shall have Cancellation: the right, at his option, to cancel the contract of purchase if the City shall fail to execute the bonds and tender the same for delivery on or prior to November 4, 1968, and in such event the successful bidder shall be entitled to the return of the deposit accompanying his bid. 13