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1958-4RESOLUTION providing for the advertisement for bids for the purchase of �400,000 '.dater Revenue Certificates. w n n MIEREAS pursuant to Ordinance No. 194 adopted by the City it of the City of Edgewater, Florida, on March 3, 1958, provisions made for the issuance, sale and delivery of four hundred thousand re 0400,000) Vater Revenue Certificates of said city, and in con- ty with the United States of America acting by and throuth the Comity ities Commissioner it is deemed advisable that advertisement for bids the purchase of said revenue certificates be published at this time; NOW, THFMFORE, Be It and It Is Hereby Resolved and Ordered the City Council of the City of Edgewater, Florida, as follows: - Section 1: That WaterRevenue Certificates of the City of , Florida, in the principal amount of 3400,000, as authorized by No. 194 adopted &larch 3, 1958, be advertised for sale and bids be guested for action thereon by this City Council at its meeting to be held the City Hall in said city at a o'clock A. M. on t.;av 1. , 1958, .that the City Clerk be and he is hereby authorized and directed to publish ice of such sale at least once not less than fifteen days prior to such e of sale in The Bond Bayer, a financial journal of general circulation ed in the City of New York, New York, and also to supply such supple - information with regard thereto as may be reasonably requested. Section 2. That the form of Notice of such sale as hereto d is hereby approved. Section 1. That all resolutions or parts thereof to the extent may be in conflict herewith are hereby repealed. Passed and approved Anril 7th. . 1958. city 11 r // G� )vedl _ 1958 Fres Offioer of iie City Camfcil 1AL0 4 NOTICE OF SALE CITY OF EDGEWATER, FLORIDA WATER REVENUE CERTIFICATES Bids will be received at the office of the City Clerk of the City of Edgewater, Florida, until I otelock p.M., on , 1958, for the purchase of $400,000 Water Revenue Certificates If lab city, at which time they will be referred to the City Council at its meeting to be than held at the City Hall in said city, and after the con- sideration of which the revenue certificates xiil.l be sold to the highest bidder for cash. Said proposed revenue certificates are to be dated February 1, 1958, bear interest payable semiannually, of the denomination of $1000, and mature serially in varying amounts on February 1 of each of the years 1961 to 1988 inclusive, optional for redemption prior to maturity on any interest payment date on or after February 1, 1965 upon termsof par and accrued interest plus a redemption premium in an amount equal to one -quarter of one per cent of the principal amount for each year or fraction thereof to elapse between the redemption date and final maturity but with a waxim+m of s such redemption premium of an amount equal to four par cant of such principal amount. Both principal and interest will be payable at the Bank of New Smyrna in New Smyrna, Florida, or at the option of the holder at The Chase Manhattan Bank in the City of New York, New York. These revenue certificates are to be issued for the purpose of paying the cost of acquiring, constructing and establishing a municipal waterworks system for said city and said revenue certificates, together with any additional revenue certificates ranking on a parity therewith which may be hereafter issued under the restrictions and conditions set forthin the proceedings, are to be payable from the net revenues of said municipal waterworks system and in addition, as provided by said proceedings, there has been pledged for payment of said Water Revenue Certifi- cates and any such additional parity revenue certificates the revenue from the utilities tax bed imposed by said city on the purchase of electricity, meter ed or bottled gas (natural, liquefied petroleum or manufactured), and local telephone and telegraph services in said city. Said city has entered into a Loan Agreement with the United States of America acting by and through the Housing and Home Finance Adminis- trator pursuant to which the United States of America agrees to purchase said revenue certificates at par, bearing interest at the rate of 4 3/4% per annuu and other bidders may specify the same or lesser interest rate or rates for said revenue certificates covered by their bid but with all revenue certifi- cates of the same maturity bearing the same rate of interest. Bids will be received and considered oxf'Ae; The city will furnish the prepared and executed revenue certi- ficates and the unqualified legal approving opinion of Chapman and Cutler of Chicago, Illinois, as well as the usual non -litigation certificate. Each bidder, except the United States of America, must furnish a certified or bank cashier's check for two per cant (2%) of the principal amount of revenue certificates.covered by the bid payable to the order of said city as guarantee of good faith, and the check of any successful bidder will be retained without interest pending full performance of such bid and to be forfeited to the city as agreed liquidated damages upon failure to take up and pay for the revenue certificates. The right is reserved by said city to determine the best bid and to reject any or all bids.