05/26/1998 Council Packet - Laserfiche WebLink

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be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled for award of the Bonds Is adjourned. recessed. or continued multiples of 5100 date or without award of the Bonds having been made. Rates shall be in integral shall bear a single 1/8 of 1%. Rates must be in and oI he date . of Bonds of the No conditional proposals will be rate from the date of the 8 accepted. AWARD The Bonds will be awarded on the basis of the lowest interest the interest t rate of each proposal, in interest cost (TIC) basis. The City's computation accordance with customary practice, will be controlling. ro osal or of The City will reserve the right to: (i) waive non - substantive Informalities ��ny all owls matters relating to the receipt of proposals and award of the Bonds, (1i j proposals without cause. and, (ii) reject any proposal which the City determines to have failed to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION If the Bonds qualify for issuance of any �purchase l of bond insurance nsurancer policy or�the therefor at the option of the underwriter. issuance of any such commitment shall issuance of the Bonds resulting from such purchase of the bonds. Any increased costs of ss a insurance shall be paid by the purchaser, except that. If the City are feete Aan received rating rating on the Bonds from a rating agency, the City pay that ng agency fees shall be the responsibility of the purchaser. Failure of the municipal bond insurer too issue �thoe refusal by the purchaser been o accept delivery an purchaser shall not constitute cause Bonds. CUSIP NUMBERS If the Bonds qualify for assignment � CUSIP numbers on anyhBond numbers a will ny be �'°r With respect Bonds, but neither the failure to p delivery of the thereto will constitute cause for failure or refusal by the purchaser to accept N Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser. SETTLEMENT Within 40 days following the date of their aw to the City and rthe purchaserWl Delivery will the purchaser at a place mutually satisfactory subject to receipt by the purchaser of an approving legal opinion of e ng y no-litigation . Chartered of Minneapolis. Minnesota, and of customary closing pap certificate. On the date of settlement at the offices of the Cityso alb d slgnee not later federal, than euivalent. funds which shall be received Bonds shall 12:00 Noon, Central Time. Except as n � compliance City, or its agents. the pU chases all be liable to have been made Impossible by actin reason of the purchaser's non - compliance with said the City for any loss suffered by the City by P terms for payment. II /nn J OIC_I nica1cc710 - W AVNn V A03013N —woi wdl1:EO 86 -61 -4r