1983-028 - Laserfiche WebLink

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40 •• NOTICE OF SALE $5,000,000 INDIAN RIVER COUNTY, FLORIDA GENERAL OBLIGATION BONDS NOTICE IS HEREBY GIVEN that Indian River County, Florida (herein referred to as the "County"), will receive sealed bids (herein referred to as "Proposals") at the Board of County Commissioners' Meeting Room in the County Administration Building, 1840 25th Street, Vero Beach, Florida, 32960, up to the hour of 11:00 A.M., Eastern Standard Time, Wednesday, April 20, 1983, for the purchase of all but not less than all oi $5,000,000 Indian River County, Florida, General Obligation Bonds (herein referred to as the "Bonds"). FORM OF BONDS. The Bonds shall be issued in coupon form, registrable as to principal only; in the denomination of $5,000 each; shall be numbered consecutively from one upward and shall be dated April 1, 1983. The Bonds will bear interest payable semiannually on the first days of October and April of each year at the rate or rates specified by the successful bidder. MATURITY AND REDEMPTION. The Bonds will mature on April 1 of each year in the years and amounts as follows: YEAR AMOUNT 1984 $ 890,000 1985 940,000 1986 990,000 1987 1,055,000 1988 1,125,000 The Bonds will not be redeemable prior to their stated dates of maturity. BASIS OF AWARD. No Proposals for less than all of said $5,000,000 Bonds will be considered. Not more than one (1) Proposal from any bidder will be considered. The County reserves the right to determine who is the successful bidder, to reject any or all Proposals, and to waive any irregularity or informality in any Proposal. The Bonds will be awarded to the Bidder whose Proposal produces the lowest effective interest rate to the County. The lowest effective interest rate will be determined in accordance with the effective interest cost method of calculation ("true interest cost method") by doubling the semiannual rate (compounded semiannually) necessary to discount the debt service payments from the payment dates to the date of the Bonds and the price bid, not including interest accrued to the date of delivery. It is requested that each proposal be accompanied by a statement of the effective interest rate for the Bonds computed as specified in this Notice of Sale, but such statement is not to be considered as a part of the Proposal. In the event the bidder specifies municipal bond insurance, the amount of the insurance premium shall be deducted from the price bid in making the above described computation of interest cost for the purposes of comparing bids. Although the cost of municipal bond insurance will be deducted from the price bid for the purposes of computation, it should not be deducted by the bidder from the purchase price as shown on the bid form. In comparing bids, no consideration will be given to accrued interest to be paid by the purchaser at the time of delivery of the Bonds.