Resolution No. 4539 - Laserfiche WebLink

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true interest cost that the City will pay upon the issue if the bid is accepted. The purchaser must pay accrued interest, computed on a 360-day basis, from the date of the Bonds to the date of delivery. The cost of printing the Bonds will be paid by the City. GOOD FAITH DEPOSIT: CHECK OR FINANCIAL SURETY BOND: Each bid must be accompanied by a good faith deposit in the amount of Eighty Thousand Dollars ($80,000.00). The good faith deposit must be in the form ofa certified or cashier's check drawn on a bank doing business in the State of Oregon or a financial surety bond and payable to the order of the City. The good faith deposit will be held by the City as security against any loss resulting from the failure of the bidder to comply with the terms of its bid. The good faith deposit will be forfeited to the City as liquidated damages in case the bidder to whom the Bonds are awarded withdraws its bid or fails to complete its purchase of the Bonds in accordance with the terms thereof: including any failure to purchase the Bonds resulting from the inability of the bidder to secure delivery of an insurance policy submitted as part of its bid for the purchase of the Bonds. If a check is used as good faith deposit, the check must accompany the bid. If a financial surety bond is used as the good faith deposit, such financial surety bond must be submitted to the City prior to the opening of the bids. The issuer of the financial surety bond must be rated in the highest rating category by Moody's Investors Service, Inc., by Standard & Poor's Corporation, or by Fitch Investors Service, Inc., and must identify the bidder whose good faith deposit is guaranteed by such financial surety bond. If the Bonds are awarded to a bidder utilizing a financial surety bond as the good faith deposit, then not later than 2:00 p.m. (pacific Time) on October 15, 1997 the successful bidder must send by electronic wire transfer to such account as the City shall specify, immediately available funds in an amount equal to the good faith deposit. If such wire transfer is not received from the successful bidder by 2:00 p.m. on October 15, 1997 the financial surety bond may be immediately drawn upon by the City to satisfy the good faith deposit requirement. The City reserves the right to cash the good faith deposit check of the successful bidder, or to retain any good faith deposit delivered by electronic wire transfer, immediately upon receipt thereof by the City. The City shall be entitled to retain for the sole and exclusive use and benefit of the City all investment earnings derived from the good faith deposit prior to the delivery of the Bonds, and in no event shall the successful bidder be entitled to any such investment earnings (whether by means of a credit or otherwise). Upon delivery of the Bonds, the successful bidder will receive a credit against the purchase price of the Bonds in an amount equal to the good faith deposit. Checks representing the good faith deposits of the unsuccessful bidders will be promptly returned by the City. DELIVERY: Closing will occur in Portland, Oregon. Delivery of the Bonds, in Book-Entry Form, will be made without cost to the successful bidder at The Depository Trust Company, New York, New York. Payment for the Bonds must be made in immediately available Page 5 - Exhibit A(l) J:\RDR\EUGENE.Cfl\ADV-REF.97\RES.DOC