4 - City of Oxford

97768— memos-turacx
MINUTE BOOK No. 24, CITY OF OXFORD
NOTICE OF BOND SALE
$250,000
CITY OF OXFORD, MISSISSIPPI
ELECTRIC REVENUE BONDS
Sealed proposals will be received by the Mayor and Board of
Aldermen of the City of Oxford, Lafayette County, Mississippi,
at the City Hall in said City, until the hour of 7:00 o'clock
P. M., on Tuesday, the 5th day of August, 1969, at which time
said bids will be publicly opened for the inirchase, at not
less than par and accrued interest, of the above bonds of
said City.
Said bonds are to bear date of September 1, 1969, are to be
of the denomination of $1,000 or $5,000 each, and shall bear
interest at a rate or rates to be determined pursuant to sale
of said bonds, payable June 1, 1970, and semi-annually thereafter
on December 1 and June 1 in each year. Both principal
of and interest on said bonds will be payable at a place to
be designated by the purchaser of said bonds, subject to approval
by the Mayor and Board of Aldermen of said City of Oxford,
and said bonds shall mature on June 1 in each Of the years as
follows:
$25,000 in each of the years 1971 through 1980
Bonds maturing in the year 1976 and thereafter will be callable,
in inverse numerical order, on June 1, 1975, or on any interest
payment date thereafter, upon payment of a premium of Twenty
Dollars ($20.00) per bond.
The said bonds will be payable, both as to principal and interest,
solely from the revenues of the electric distribution system of
said City.
Bidders are requested to designate in their bids the price they
will pay for bonds bearing interest at a rate or rates, but not
more than three different rates, likewise to be designated in
their bids; provided, however, that all bonds of the same maturity
shall bear interest at the same rate. The difference between the
highest rate bid and the lowest rate bid shall not exceed 1-0
and no bid specifying supplemental interest coupons will be considered.
It is the intention of the Mayor and Board of Aldermen tee decide
which of the bids submitted is the highest on the basis of the
lowest total interest cost over the life of the issue, less the
premium specified in the bid.
Proposals should be addressed to the Mayor and Board of Aldermen
and should be filed with the City Clerk on or prior to the date
and hour hereinabove named. Each bid must be accompanied by a
cashier's check, certified check, or exchange, issued or certified
by a bank located in the State of Mississippi, payable to the
City of Oxford, Mississippi, in the amount of Five Thousand
Dollars ($5,000), as a guarantee that the bidder will carry out
his contract and purchase the bonds if his bid be accepted. If
the successful bidder fails to purchase the bonds pursuant to
his bid and contract, the amount of such good faith check shall
be retained by the Mayor and Board of Aldermen and covered into
the general funds Of the City of Oxford as liquidated damages for
such failure.
Proposals tendered by mail should be addressed to the Mayor
and Board of Aldermen, City Hall, O x ford, Mississippi, and
should be plainly marked "Proposal for Revenue Bonds".
These bonds are offered subject to the unqualified approval of
the legality thereof by the law firm of Charles and Trauernicht
of St. Louis. All legal fees, the cost of validation of the bonds
and of the printing of the bondsshall be borne by the City of
Oxford, Mississippi. Delivery will be made to the purchaser
within sixty days after the date of the sale of said bonds, at
a place to be designated by the purchaser and without cost to
the purchaser.