10B Action 2009 1221 - Laserfiche WebLink

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RIGHT OF REJECTION: The Agency reserves the right, in their sole discretion, to reject any and all bids and to waive any irregularity or informality in any bid except that no bids will be accepted later than 9:00 A.M. on the date set for receipt of bids. PROMPT AWARD: Authorized representatives of the Agency will take action awarding the sale of the Bonds or reject all bids not later than twenty-six (26) hours after the expiration of time herein prescribed for the receipt of bids and until such expiration of time all bids received shall be irrevocable. Unless such time of award is waived by the successful bidder, the award may be made after the expiration of the specified time if the bidder shall not have given to the Agency notice in writing of the withdrawal of such proposal. Notice of the award will be given promptly to the successful bidder. DELIVERY AND PAYMENT: Delivery of the Bonds will be made to the successful bidder in New York, New York, as soon as the Bonds can be prepared, which is estimated to be _, 2010. The Bonds will be delivered in full book-entry form through the facilities of The Depository Trust Company. Payment for the Bonds must be made in immediately available funds to the Trustee. Any expense in providing immediately available funds shall be borne by the purchaser. GOOD FAITH DEPOSIT: A Good Faith Deposit ("Deposit") in the amount of $100,000, payable to the order of the Agency, is required from the successful bidder for the Bonds subsequent to the award of the sale for each bid to be considered. The successful bidder is required to wire transfer such amount not later than 10:00 a.m. California time on the next business day following the award, to the Agency using the following wire instructions: [to come] If such Deposit is not received by that time, the award of sale may be rescinded by the Agency. No interest on the Deposit will accrue to the successful bidder. The Deposit will be applied to the purchase price of the Bonds. The Deposit accompanying any accepted bid shall be cashed and the proceeds thereof applied to the purchase price. In the event the successful bidder fails to honor its accepted bid, the Deposit will be retained by the Agency as and for full liquidated damages. RIGHT OF CANCELLATION: The successful bidder shall have the right, at its option, to cancel its purchase of the Bonds if the Agency shall fail to cause the execution and delivery of the Bonds and tender the same for delivery within 30 days from the date of sale thereof and in such event the successful bidder shall be entitled to the return of the deposit accompanying its bid. ESTIMATE OF TRUE INTEREST RATE: Each bidder is requested, but not required, to state in its bid the true interest cost, as described under the caption "BEST BID" herein, which shall be considered as informative only and not binding on either the bidder or the Agency. CALIFORNIA DEBT AND INVESTMENT ADVISORY COMMISSION: The Agency has duly notified the California Debt and Investment Advisory Commission of the proposed sale of the Bonds. Payment of all fees, to the California Debt and Investment Advisory Commission in connection with the execution, sale and delivery of the Bonds shall be the responsibility of the successful bidder, and not of the Agency. 5