Minutes 05/12/1953 - Laserfiche WebLink

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TU3,SDA Y MAY 12 lQS3 , / ~ -- The city pledGes its full faith and credit as required by the general laws of Virginia and also by Chapter 11, Section 7, of its city charter to the punctual payment of the principe.l and interest 0 f the WA TE:n S YSTEM nIPnOV1~t'r~:NT BONDS and the EIECTRIC SYS'fEM nlPROVEMENT BONffi. These bonds are issued pursuant to authority of an election called and held for the puroose and pursuant to Clause (b) of Section 127 of the Constitution of Virginia and Chapter 19 of Title 15 of the Code of Virginia, and the bonds contain a covenant by .~1ich the city contracts, pursuant to Section lS-600 of the Code of Virginia, that the rates to be charged for water and electric services, respectively, shall be maintained at the level which will be sufficient to })roduce revenue, u:1cier the req:.;.ire;:J.ents of Clause (b) of Section 127 of the Comtitution of Virginia, to prevent t.l1e WITEIl SYSTF?f: I?.:!PROVEJ...ENT BCN:JS and ELECTRIC SYSTE!~! IMPHOVE.MENT BONIS, respectively, from being included in deter~ining the limitation of the power of the city to incur indebtedness. ~~ il ...., ~ Bidders are invited to name the rate or rates of interest which the bonds of each of the two issues are to bear, which rate or rates must be in a multiple, or multiples, of one-tenth or one-eighth of one per centum. No more than two rates may be named for each issue, and all bonds of a respective issue r.laturing at the same date must bear interest at the smne rate; and each rate of interest named must be for consecutive :71aturi ties and can not be repeated; however, no rate for either of the issues may exceed six per centum ~)er annum. Each proposal submitted must offer a 1)rice for each issue which is not less than par and accrued interest. Unless all proposals are rejected all bODc~ will be 8.warded to the bidder whose proposal results in the lowest net interest cost to the city determined by computing the agGref'ate amount of interest payable on all the bonds from ,July 1, 19.53 to their respective mab.r:i. Ues and deducting from such agsregate a.rnount the premLull offered, if ar:.y. In addition to the price bid the purchaser must pay accrued interest from be dnte of the bonds to the date of payrnent of the pleche.se price. No bid for less than all of the bonds offered will be entertained.. Each proposal must be unconditional and nust be accompanied by a certified, or bank cashier's or bad,: treasurer's, check ar checks for $15,500.00 drawn upon an incorporated bank or trus., comu2.ny and payable to the Treasurer of the City of Martimvtl1e, Virgini,'"!, to secure the city a~'aimt any lOSe) resul tint: from fai1l.L~e of the biclc:er to c omply with the terms of his proposal. The check or checks of the bidder whose proposal is accepted will be deposited by the c:it;;r and cre(li.tec: to the purchase price a~1d no intcres t w:i.ll be allovred thereon. The pr occcds of the check or checks will be r8tained by the city as liquidated damages in case the bidder fails to accept delivery of and pay for the bonds. Checks of unsuccess- ful bidders vd.ll be returned upon award of the bowls. Immediately following the time all proposals are to be received ald opened, the St2.te COlTffilission on Local Debt of tho Cor::I1orrweal th of Virginia will open the same and ascertain the amo1mt of each proposal and the name or na~Tles of the person or persons makinf: the same, anrl1Nill ascertain the best bid in accordance vri th the terrns hereof and certifY the sarne to the City