2021-043 Council Resolution - Laserfiche WebLink

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If all of the requirements of a "competitive sale" are not satistied.. the City- shall advise the Purchaser of such fact prior to the tithe of award of the sale of the Bonds to the Purchaser. In such event, any proposal submitted will not be subject to cancellation or withdrawal. Within tweety-four (1.4) hours of the notice of award of the sale of the Bonds. the Purchaser shall advise the City' and Balser Tilly' IMA if 1011,0 of anv maturity of the Bonds (and. if different interest rates apply within a maturity. to each separate CUSIP number within that maturity) has been sold to the public and the price at which it was sold. The Cite will treat such sale price as the "issue price' for such mahrritt, applied on a mahrity-by-nraturitt' basis. The City will not require the Purchaser to comply with that portion of the Regulation commonly desetibed as the "hold -the -offering -price' requirement for the remaining maturities, but the Purchaser tray elect such option. If the Purchaser exercises such option. the City will applw° the initial offering price to the public provided in the proposal as the issue price for such Maturities. If the Purchaser does not exercise that option. it shall thereafter promptly provide the City and Barer Tilly NLN the prices at which 100 6 of such maturities are- sold to the public: provided such determination shall be made and the City and Baker Tilly ILIA notified of such prices whether or not the closing date has occurred, until the 0°o 1test has been satisfied as to each maturity of the Bonds or until all of the Bonds of a maturity have been sold. t�C)D F,�ITH DEPt�SIT To have its 1:,roposal considered fan ati�-ard, the Purchaser is required to submit a good faith deposi# via ��=ire transfer to the City in the amount of S15.150 (the `Deposit') no later than 1:00 P.M.. Central Time on the Sale Date, The Purchaser shall be solely responsible for the timely deliveiA! of its Deposit, and neither the C ity nor Baker Tilly hLk have auv liabiliry for delays in the receipt of the Deposit. If the Deposit is not received by the specified time, the City may_ at its sole discretion, tjeet the proposal of the lowest bidder. dI rect the second lowest bidder to submit a Deposit, and thereafter award the sale to such bidder. A Deposit t�`ill be consicleretl tirnelti7 delis=eyed to t11e C`itZ' upon sttbnussion of a federal hire reference rrtrtiiber by the specified time, I i e transfer iush-uctions will be available front Baker Tilly CIA folloiiI11 the receipt and tabulation of proposals. The successful bidder Hurst send an e-mail including the following inforniation: (1) the federal reference number and time released: (ii) the amount of the Xvire transfer: and { iii) the issue to which it apphes, t�rnce an au3-ard has been made, the Deposit received from the Purchaser will be retairned by the City and no interest �t�ill accraue ro the Purchaser. The aurour7t of the Deposit twill be deducted at settlement from the purchase price. Its the event the Purchaser fails to comply with the accepted proposal. said amount will be retained bV the Citv. A)YARD The Bonds will be awarded on the basis of the lowest interest rate to be deter-trlined oil a hue interest cost (TIC) basis calculated our the prol)osai prior to guy ac�iustment made by the City . The C`ity's compurtatiou of the interest rate of each proposal, in accordance Xvith custontary practice. "rill be c-ontroiling. The City will reserve the right to: (i) waive- non -substantive informalities of any proposal or of matters relating to the receipt of proposals and air -aid of the Bards, (ii}reject all proposals without cause. and {iii? reject aul- proposal that the Cite determines to have failed to comply with the teens herein. BOND E\,SI_7R-3NC_'E AT PURCHASER'S {JPTION The C'itl' haS not applied fOr Or pre -approved a COlulnitllletlt for a11j' poltCv of tMrnIeipal tlOnd ll15tr'aill`e r��itln res}nect to rlre Bands. If the Bonds quali%fir municipal band inaurauce and a bidder desires to purchase a pohct such indication. the rrrahtrities to be insured, find tale name of the desired insurer must be set forth on the bidder's proposal. The City specifically reseii�es the right to reject any bid specifi'utg municipal bond insurance, even thou��tr such bid may result in the lowest TIC to the Cite°. All costs associated with the issuance and administration of such policy and associated ratings and expenses (other than anv independent rating requested by the City) shall be paid by the successful bidder. Failure of the municipal bond insurer to issue the policy after the award ofthe Bonds shall not constihute cause for failure or refusal bt- the successful bidder to accept delivery of the Bonds. A-5 LNI40-I 25-718 J48.v 1