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<br />- iv - <br />of the Bonds (and, if different interest rates apply within a maturity, to each separate CUSIP number within <br />that maturity) has been sold to the public and the price at which it was sold. The City will treat such sale <br />price as the “issue price” for such maturity, applied on a maturity-by-maturity basis. The City will not <br />require the Purchaser to comply with that portion of the Regulation commonly described as the “hold -the- <br />offering-price” requirement for the remaining maturities, but the Purchaser may elect such option. If the <br />Purchaser exercises such option, the City will apply the initial offering price to the public provided in the <br />proposal as the issue price for such maturities. If the Purchaser does not exercise that option, it shall <br />thereafter promptly provide the City and Springsted the prices at which 10% of such maturities are sold to <br />the public; provided such determination shall be made and the City and Springsted notified of such prices <br />whether or not the closing date has occurred, until the 10% test has been satisfied as to each maturity of the <br />Bonds or until all of the Bonds of a maturity have been sold. <br /> <br />GOOD FAITH DEPOSIT <br /> <br />To have its proposal considered for award, the Purchaser is required to submit a good faith deposit to the <br />City in the amount of $71,690 (the “Deposit”) no later than 2:00 P.M., Central Time on the Sale Date. The <br />Deposit may be delivered as described herein in the form of either (i) a certified or cashier’s check payable <br />to the City; or (ii) a wire transfer. The Purchaser shall be solely responsible for the timely delivery of its <br />Deposit whether by check or wire transfer. Neither the City nor Springsted have any liability for delays in <br />the receipt of the Deposit. If the Deposit is not received by the specified time, the City may, at its sole <br />discretion, reject the proposal of the lowest bidder, direct the second lowest bidder to submit a Deposit, and <br />thereafter award the sale to such bidder. <br /> <br />Certified or Cashier’s Check. A Deposit made by certified or cashier’s check will be considered timely <br />delivered to the City if it is made payable to the City and delivered to Springsted Incorporated, 380 Jackson <br />Street, Suite 300, Saint Paul, Minnesota 55101 by the time specified above. <br /> <br />Wire Transfer. A Deposit made by wire will be considered timely delivered to the City upon submission <br />of a federal wire reference number by the specified time. Wire transfer instructions will be available from <br />Springsted following the receipt and tabulation of proposals. The successful bidder must send an e-mail <br />including the following information: (i) the federal reference number and time released; (ii) the amount of <br />the wire transfer; and (iii) the issue to which it applies. <br /> <br />Once an award has been made, the Deposit received from the Purchaser will be retained by the City and no <br />interest will accrue to the Purchaser. The amount of the Deposit will be deducted at settlement from the <br />purchase price. In the event the Purchaser fails to comply with the accepted proposal, said amount will be <br />retained by the City. <br /> <br />AWARD <br /> <br />The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost <br />(TIC) basis calculated on the proposal prior to any adjustment made by the City. The City's computation <br />of the interest rate of each proposal, in accordance with customary practice, will be controlling. <br /> <br />The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters <br />relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and <br />(iii) reject any proposal that the City determines to have failed to comply with the terms herein. <br /> <br />BOND INSURANCE AT PURCHASER'S OPTION <br /> <br />The City has not applied for or pre-approved a commitment for any policy of municipal bond insurance <br />with respect to the Bonds. If the Bonds qualify for municipal bond insurance and a bidder desires to <br />purchase a policy, such indication, the maturities to be insured, and the name of the desired insurer must be <br />set forth on the bidder’s proposal. The City specifically reserves the right to reject any bid specifying <br />municipal bond insurance, even though such bid may result in the lowest TIC to the City. All costs <br />associated with the issuance and administration of such policy and associated ratings and expenses (other