CCRes_91-23 - Laserfiche WebLink

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• in accordance with their terms, except to the extent to which enforceability may be limited by state or United States laws relating to bankruptcy, reorganization, moratorium or creditors' rights. QUALIFIED TAX-EXEMPT OBLIGATIONS The Bonds will be designated by the City as "Qualified Tax-Exempt Obligations" within the meaning of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. TYPE OF BID AND AWARD Sealed bids for the Bonds in an amount not less than $576,810 and accrued interest on the principal sum of $585,000 must be mailed or delivered to Ehlers and Associates, Inc. at its office in Minneapolis, Minnesota and must be received prior to the time established above for the opening of bids. Each bid must be unconditional. A good faith deposit in the amount of $11,700 must be submitted with each bid. The good faith deposit must be in the form of a certified or cashiers check or bank draft or a wire transfer of funds to Resource Bank & Trust Company, ABA #09-19-0550-6 for further credit to Ehlers and Associates, Inc. Bond Issue Escrow Account #850-788-1, Attention: Molly Majerle. The good faith deposit will be retained by the City as liquidated damages if the bid is accepted and the bidder fails • to comply therewith. The good faith deposit will be returned to the purchaser at the closing for the Bonds. The bid authorizing the lowest net interest cost (total interest on all Bonds from June 16, 1991 to their stated maturities less any cash premium or plus any discount) will be deemed the most favorable. In the event two or more bids state the lowest net interest cost, the sale of the Bonds will be awarded by lot. No oral bid and no bid of less than $576,810 plus accrued interest on all of the Bonds will be considered and the City reserves the right to reject any and all bids and to waive any informalities in any bid, and to adjourn the sale. CUSIP NUMBERS The City will assume no obligation for the assignment or printing of CUSII' numbers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser waives any delay in delivery occasioned thereby. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly-final Official Statement as required by Rule 15c2-12 of the Securities and Exchange Commission. • -7-