RES 2772 - Laserfiche WebLink

PURPOSE OF Said bonds are authorized by vote of two-thirds ~ of the qualified voters voting at a special municipal bond election for the purpose of authorizing bonds for sewerage system and drainage system improvements for the City of Pleasanton. SECURITY: Said bonds are general obligations of the City of Pleasanton, and said City has power and is obligated to levy ad valorem taxes for the payment of said bonds and the interest thereon upon all property within the City of Pleasanton subject to taxation by said City (except certain in- tangible personal property, which is taxable at limited rates) without limitation of rate or amount. TAX EXEMPT In the event that prior to the delivery of the ~ bonds the income received by private holders from bonds of the same type and character shall be declared to be taxable under any Federal Income Tax Laws, either by the terms of such laws or by ruling of a Federal Income Tax authority or official which is followed by the Internal Revenue Service, or by decision of any Federal Court, the successful bidder may, at his option, prior to the tender of said bonds by the City, be relieved of his obligation under the contract to purchase the bonds and in such case the deposit accompanying his bid will be returned. LEGAL The legal opinion of Messrs. Orrick, Dahlquist, ~ON: Herrington & Sutcliffe of San Francisco, California, approving the validity of said bonds, will be furnished to the successful bidder without charge. TERMS OF, SALE HIGHEST BID: The bonds will be awarded to the highest bidder considering the interest 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 the 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 lowest net interest cost shall be computed between the dates aforesaid on a 360-day year basis. The purchaser must pay accrued interest from the date of the bonds to the date of delivery. The cost of printing the bonds will be borne by the City. RIGHT OF The City of Pleasanton reserves the right, in its discretion, to reject any and all bids and to waive any irregularity or informality in any bid. PROMPT The City Council of the City of Pleasanton 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 receipt of proposals unless such time of award is waived by the successful bidder. 12