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Section 3. Sale of Bonds. The Bonds will be sold by the Borrower at public sale, the call for bids specifying that bids will be received and considered on the following basis (Series A, C, D, and E):

The Bonds which the Government has agreed to purchase or accept in exchange for the outstanding Bonds will be offered at public sale on the basis of a coupon rate of 2-3/4% (Series A), 3-1/2%(Series C), 3% (Series D), and 2-7/8% (Series E) and shall further specify that bids will be received and considered on the basis of the largest consecutive number of Bonds which the bidder offers to purchase at a price of not less than par plus accrued interest. Provided, however, that no bidder shall include, as to any given calendar year, less than all of the Bonds maturing in such calendar year. Any premium offered will be considered only if two or more bidders offer to purchase the same number of Bonds. The Government will submit its bid for all or any part of the Bonds at their par value, but no Bonds shall be awarded to the Government for which an acceptable bid is received from a bidder other than the Government.

For Series F Bonds only:

(1) All maturities in the years 1966 through 1973
(2) All maturities in the years 1974 through 1978
(3) All maturities in the years 1979 through 1983
(4) All maturities in the years 1984 through 1988
(5) All maturities in the years 1989 through 1993
(6) All maturities in the years 1994 through 2003
(7) For the entire issue.

In the event any of the Bonds are awarded to the Government, the Borrower shall, when they are ready, deliver all such Bonds to the Government at such time as the Government shall designate.

The Government will submit its bid (for purchase or exchange as the case may be) for all or any of the above described portions of the Bonds and such bid will be for all of the Bonds at their par value, plus accrued interest, at the rate of 2-3/4% (Series A), 3-1/2% (Series C), 3% (Series D), 2-7/8% (Series E), and 3-5/8% (Series F) on all or any of the above described portions (one or more of the above blocks) of Bonds. In the event any other bidder or bidders offer to purchase all of the Bonds, or any portion of the Bonds as specified at an interest cost of not more than 2-3/4% (Series A), 3-1/2% (Series C), 3% (Series D), 2-7/8% (Series E) and 3-5/8% (Series F), the Bonds or any such portion thereof shall be sold to such bidder or bidders. In the event of a sale of all the Bonds to a purchaser or purchasers other than the Government, this Agreement shall terminate except with respect to obligations hereunder between the Borrower and the Government as of the date of such sale of the Bonds. In the event any of the Bonds are awarded to the Government, it is agreed that the obligations hereunder shall continue in the same manner as if all the Bonds were sold to the Government. In the event no bid is received from a bidder or bidders other than the Government within the terms herein specified, all the Bonds shall be sold to the Government.

In the event the Government is awarded all or part of the Bonds, the Borrowey, at the option of the purchaser(s) shall issue single Bonds with face values in the amount of the respective purchases in lieu of individual denominations Bonds. Such single Bonds shall be registered as to principal and interest and payable as directed by the purchasers, but otherwise complying with the description set forth in Section 2 hereof. The Borrower shall covenant that, upon request of the holder of a single Bond, it shall issue, at its own expense and within 90 days from the date of such request, negotiable bearer coupon bonds in denominations of $1,000 as described in Section 2 hereof, in aggregate amount equal to the amount of the single Bond still outstanding. The printing of text of single Bonds shall be of type composition on paper of sufficient weight and strength to prevent deterioration throughout the life of the loan. The Bonds shall conform in size to standard practice and contain the approved maturity schedule for payment of principal.

Section 4. Description of the Project. The Project shall consist of a new Dormitory, with necessary appurtenant facilities, to house approximately 938 men students; (herein called the "Project").

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