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TYPE OF BID: <br />RATES: <br />AWARD: <br />Sealed bids of not less than <br />$2,339',375 and accrued interest on <br />the principal sum of $2,375,000 <br />from date of original issue of the <br />bonds to date of delivery must be <br />filed with the undersigned prior to <br />the time of sale. Bids must be <br />unconditional except as to <br />legality. A certified or cashier's <br />check in the amount of $47,500, <br />payable to the order of the <br />Clerk- Treasurer of the Issuer must <br />accompany each bid, to be forfeited <br />as liquidated damages if bidder <br />fails to comply with accepted bid. <br />Bids for the bonds should be <br />addressed to: <br />Joseph Chlebeck, Clerk- Treasurer <br />City Hall <br />515 Little Canada Road <br />Little Canada, Minnesota 55117 <br />All rates must be in integral <br />multiples of 1 /20th or 1 /8th of 1% <br />and may not exceed the maximum rate <br />allowed by law at the time of sale. <br />No limitation is placed upon the <br />number of rates which may be used. <br />Award will be made solely on the <br />basis of lowest dollar interest <br />cost, determined by addition of any <br />discount to and deduction of any <br />premium from the total interest on <br />all bonds from their date to their <br />stated maturity. The net effective <br />average rate of the issue may not <br />exceed the maximum rate allowed by <br />law at the time of sale. <br />The Issuer reserves the right to reject any and all bids, to <br />waive informalities and to adjourn the sale. <br />4 <br />