Minutes 04/29/1968 - Laserfiche WebLink

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Martinsville and Henry County in the City of Martinsville, Virginia or at the Piedmont Trust Bank in the City of Martinsville, Virginia. The bonds are issued to finance the cost of the construction of new municipal buildings, -~nd jails or prisoner detention facilities and the cost of the construction, reconstruction, 3d improvement by the erection of additions, of school buildings and facilities in the ":ity. The City is authorized and required by law to levy on all property taxable by the City such ad valorem taxes as may be necessary to pay the bonds and the interest thereon without limitations as to rate or amount. Bidders are invited to name the rate or rates of interest which the bonds are to bear, which rate or rates must be a multiple, or multiples, of one-tenth or one-eighth of one per centum per annum. No more than three rates may be named, and all bonds maturing on the same date must bear interest at the same rate, and each rate of interest named must ~__be for consecutive maturities, and cannot be repeated; however, no rate may e~ceed six ~r centum per annum. Each proposal submitted must offer a price which is nd~ less than ar and accrued interest. Interest on the bonds will be payable semi-annually on May 1 and November 1. Unless all proposals are rejected all bonds will be awarded to the bidder whose proposal results in the lowest net interest cost to the City determined by computing the aggregate amount of interest payable on all the bonds from their date to their respective maturities and deducting from such aggregate amount the premium offered, if any. In addition to the price bid the purchaser must pay accrued interest from the date of the bonds to the date of payment of the purchase price. No bid for less than all of the bonds offered will be entertained. Each proposal must be unconditional and must be accompanied by a certified, or bank cashier's or bank treasurer's check or checks for $78,000 drawn upon an incorporated bank or trust company and payable to the City of Martinsville to secure the City against any loss resulting from failure of the bidder to comply with the terms of his proposal. The check or checks of the bidder whose proposal is accepted will be held by the City and credited to the purchase price at closing and no interest will be allowed thereon. The proceeds of the check or checks will be retained by the City as liquidated damages in case the bidder fails to accept delivery of and pay for the bonds. Checks of unsuccessful bidders will be returned upon award of the bonds. The Council will cause such bonds to be prepared, executed, and delivered to the successful bidder. The right is reserved to -eject any and all bids. The bonds will be delivered in Richmond, Virginia, or in New York City, at the option of the purchaser, on June 17, 1968, or as soon thereafter as possible. The City will furnish without cost to the purchaser, at the time the bonds are delivered (1) the opinion of Messrs. Reed, Hoyt, Washbutn & McCarthy, of New York City, that the bonds are valid and legally binding obligations of the City and that the City is authorized and required by law to levy on all real property taxable by the City such ad valorem taxes as may be necessary to pay the bonds and the interest thereon without - 294 (f)