(Amended by Ordinance Nos. 140586, 141599, 146747 and 173295, April 28, 1999.)
A. From time to time, the Council may, upon recommendation of the City Treasurer and Responsible Official, call for bids on the interest rate for general obligation improvement warrants on the estimated amount of proposed assessments for local improvement districts authorized or to be authorized. Bids shall meet the conditions and requirements provided for in the authorizing ordinance.
B. Upon return of bids the Council may award to the highest and best qualified bidder offering the most advantageous interest rate, the full amount of general obligation improvement warrants to be issued for local improvements specified in the ordinance requesting bids. Provided further, the Council may reject any and all bids.
C. The ordinance authorizing the call for bids shall also authorize the issuance of the general obligation improvement warrants to the successful bidder as determined by the Council, subject to the provisions of this Chapter. Thereafter, the City Treasurer is authorized to deliver to the successful bidder from time to time as the Treasurer deems necessary general obligation improvement warrants in an amount equal to the indebtedness to be incurred by the City in constructing the local improvement including all costs of land acquisition, advertising, engineering and superintendence fees, and any special preliminary services or studies that may be assessed on benefited property, and an amount equal to the amount to be paid by the City to the contractor for the construction of a local improvement, not exceeding the bid price of each contract plus 15 percent for approved change orders. If the local improvement has not yet been bid and a successful bidder accepted, the engineer’s estimate for construction cost may be used.
D. General obligation improvement warrants shall be issued in denominations as stated in the ordinance authorizing call for bids; shall be numbered consecutively; shall be dated the first day of the month in which they are delivered to the successful bidder and shall mature within the time provided by State law. The successful bidder shall pay accrued interest from the date of the warrants to the time of delivery.
E. The City Treasurer shall deposit all proceeds from the issuance of said General Obligation Improvement Warrants in the Improvement Warrant Sinking Fund established in Section 5.04.210 of this Code.