|
Book-Entry Only System. The Certificates will initially be registered in the name of Cede &
<br />Co., as nominee of The Depository Trust Company, New York, New York, to which payments of
<br />principal of and interest on the Certificates will be made. Individual purchases of Certificates will be
<br />made in book-entry form only. Purchasers will not receive certificates representing their interest in
<br />Certificates purchased.
<br />
<br />Conditions of Bids. Proposals will be received on the Certificates bearing such rate or rates of
<br />interest as may be specified by the bidders, subject to the following conditions: The same rate shall
<br />apply to all Certificates of the same maturity. Each interest rate specified shall be a multiple of 1/8 or
<br />1/20 of 1%. No interest rate shall exceed __% per annum. The difference between the highest rate
<br />specified and the lowest rate specified shall not exceed __%. No supplemental interest payments will
<br />~. ..... t.~_:__.: ,,,A ,_., ,. ,, ,. ,- , ~,. ,,o ~,, "th- principal .... ,, ' ~- ' phis
<br />
<br />accrued interest, if any. Rates shall be in ascending order, in which no rate of a later maturity shall be
<br />less than the rate of an earlier maturity, provided that rates may be repeated. Each bid shall specify the
<br />total interest cost (expressed in dollars) during the life of the Certificate issue on the basis of such bid,
<br />the premium or discount, if any, constituting a part of the bid, and the tree interest cost (expressed as a
<br />percentage) on the basis of such bid. Solely for purposes of the calculations set forth in the preceding
<br />sentence, each bidder shall assume an issuance date for the Certificates of November I, 2003. Each
<br />bidder agrees that, if it is awarded the Certificates, it will provide to the City the certification as to initial
<br />offering prices described under the caption "Certification as to Offering Prices" in this Notice.
<br />
<br /> Basis of Award. The Certificates will be awarded to the bidder Whose bid will result in the
<br />lowest tree interest cost (the "Canadian Method") calculated by doubling the semiannual interest rate
<br />(compounded semiannually) necessary to discount the debt service payments from the payment dates to
<br />the date of the Certificates to equal the price bid, excluding interest accrued to the date of delivery. If
<br />there is any discrepancy between the tree interest data shown on the bid form and the true interest cost
<br />determined from the premium or discount, if any, and the coupons specified on the bid form, the latter
<br />shall govern and the tree interest cos~ specified in the bid shall be adjusted accordingly. If two or more
<br />proper bids are received providing for identical lowest true interest cost, the City shall determine by lot
<br />which bid, if any, shall be accepted and its determination shall be final.
<br />
<br /> Pre-Bid Revisions. The City reserves the right to issue a Supplemental Notice of Certificate
<br />Sale not later than 48 hours prior to the sale date via the MUNIFACTS News Service or such other
<br />method of communication deemed appropriate by the City (the "Supplemental Notice"). If issued, the
<br />Supplemental Notice may modify (i) the maturity amounts of the Certificates and/or (ii) such other terms
<br />of this Notice as the City determines. Any such modifications will supersede the maturities and such
<br />other terms as set forth herein.
<br />
<br /> Post-Bid Revisions. After bids are received on the sale date, in order to properly siZe the issue,
<br />the City may revise the total principal amount and individUal maturities of the Certificates; provided, that
<br />the total principal amount of the Certificates shall not be increased or decreased by an amount in excess
<br />of 10%. In the event of a change in the issue size, the net production as a percentage of the par amount
<br />of the Certificates generated from the bid of the successful bidder will not be decreased as a result of the
<br />change. THE SUCCESSFUL BIDDER MAY NEITHER WITHDRAW NOR MODIFY ITS
<br />PROPOSAL AS A RESULT OF ANY POST-BID REVISIONS TO THE CERTIFICATES MADE BY
<br />THE CITY.
<br />
<br /> Authority, Purpose and Security. The Certificates are being issued pursuant to the
<br />Constitution and laws of the State of Missouri for the purpose of providing funds to pay the costs of (a)
<br />currently refunding $1,125,000 outstanding principal amount of Certificates of Participation (City of
<br />
<br />-3-
<br />
<br />
<br />
|