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In the event that, prior to the delivery of the Bonds (a) the interest on other obligations of <br />the same type and character shall be declared to be subject to taxation (either at the time of <br />such declaration or at any future date) under any federal income tax laws, either by the terms of <br />such laws or by ruling of a federal income tax Agency or official which is followed by the Internal <br />Revenue Service, or by decision of any federal court, or (b) any federal income tax law is <br />enacted which will have a substantial adverse effect upon the owners of the Bonds as such, the <br />successful bidder may, at its option, prior to the tender of the Bonds, be relieved of its obligation <br />to purchase the Bonds, and in such case the deposit accompanying its bid will be returned. <br />LEGAL OPINION: The legal opinion of Jones Hall, A Professional Law Corporation, <br />San Francisco, California, Bond Counsel, approving the validity of the Bonds will be furnished to <br />the successful bidder without cost. <br />Further Information: A copy of the preliminary Official Statement describing the Bonds, <br />and any other information concerning the proposed financing, will be furnished upon request to <br />the Agency's Financial Advisor, E. Wagner & Associates, Inc., 5510 Sunol Boulevard, Suite 3, <br />Pleasanton, California 94566, telephone (925) 416-1200; email: ewagner@e-wagner.net. <br />TERMS OF SALE <br />FORM OF BID; MAXIMUM DISCOUNT: All bids must be for not less than all of the <br />Bonds hereby offered for sale and for not less than ninety eight percent (98%) of the aggregate <br />par value thereof. Additionally, the total compensation of the winning bidder shall be the <br />difference between the purchase price to be paid to the Agency and the initial reoffering <br />price of the Bonds to the public, and shall not exceed one percent (1°l0) of the aggregate <br />principal amount of the Bonds. <br />A prescribed form of bid for the Bonds has been prepared and all facsimile bids must be <br />submitted on such form. Bidders may submit only one bid, either by telecopy or electronically <br />through PARITY. All bids must comply with the requirement for a good faith deposit. See <br />"GOOD FAITH DEPOSIT" herein. <br />ELECTRONIC BIDS. Electronic bids must conform with the procedures established by <br />PARITY. Solely as an accommodation to bidders, electronic bids will be received exclusively <br />through PARITY in accordance with this Official Notice of Sale until 9:00 a.m. California time, <br />but no bid will be received after the time specified for receiving bids. To the extent any <br />instructions or directions set forth in PARITY conflict with this Official Notice of Sale, the terms <br />of this Official Notice of Sale shall control. For further information about PARITY, potential <br />bidders may contact the Agency's Financial Advisor, E. Wagner & Associates, Inc., 5510 Sunol <br />Boulevard, Suite 3, Pleasanton, California 94566, telephone (925) 416-1200; email: <br />ewagner@e-wagner.net, or Dalcomp/i-Deal LLC at 1359 Broadway, 2~d Floor, New York, NY <br />10018; Telephone: (212) 849-5021. <br />INTEREST RATE; Bidders must specify the rate or rates of interest which shall be <br />payable with respect to the Bonds. The maximum rate bid may not exceed twelve percent <br />(12%) per annum. Interest with respect to the Bonds is payable semiannually on each March 1 <br />and September 1, commencing March 1, 2009. Bidders will be permitted to bid different rates of <br />interest but (a) each interest rate specified in any bid must be in a multiple of one-twentieth <br />(1/20) or one-eighth (1/8) of one percent; (b) interest with respect to each Bond shall be <br />-4- <br />