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• furnished by Dorsey & Whitney, of Minneapolis, Minnesota. The <br />legal opinion will be printed on the Notes at the request of <br />the purchaser. The legal opinion will state that the Notes are <br />valid and binding general obligations of the City enforceable <br />in accordance with their terms, except to the extent <br />enforceability may be limited by State of Minnesota or United <br />States laws relating to bankruptcy, reorganization, moratorium <br />or creditors' rights generally. <br />QUALIFIED TAX-EXEMPT OBLIGATIONS <br />The Notes will be designated by the City as "Qualified <br />Taz-Exempt Obligation" for purposes of Section 265(b) of the <br />Internal Revenue Code of 1986, as amended, relating to the <br />disallowance of interest expense for financial institutions. <br />TYPE OF BID AND AWARD <br />Sealed bids must be mailed or delivered to the <br />undersigned and must be received prior to the time established <br />above for the opening of bids. Each bid must be unconditional. <br />A good faith deposit in the amount of $6,700 must be submitted <br />with each bid. The good faith deposit must be in the form of a <br />certified or cashiers check or bank draft or a wire transfer of <br />funds to Resource Bank & Trust Company, ABA #09-19-0550-6 for <br />further credit to Ehlers and Associates, Inc. Bond Issue Escrow <br />• Account #850-788-1, Attention: Nancy Allen. The good faith <br />deposit will be retained by the City as liquidated damages if <br />the bid is accepted and the bidder fails to comply therewith. <br />The good faith deposit will be returned to the purchaser at the <br />closing for the Notes. The bid authorizing the lowest net <br />interest cost (total interest from date of Notes to stated <br />maturities less any cash premium or plus any discount) will be <br />deemed the most favorable. No oral bid and no bid of less than <br />$330,815 plus accrued interest on all of the Notes will be <br />considered and the City reserve the right to reject any and all <br />bids and to waive any informality in any bid. <br />CUSIP NUMBERS <br />The City will assume no obligation for the assignment <br />or printing of CUSIP numbers on the Notes or for the <br />correctness of any numbers printed thereon, but will permit <br />such numbers to be assigned and printed at the expense of the <br />purchaser, if the purchaser waives any extension of the time of <br />delivery caused thereby. <br />• <br />-6- <br />