05/26/1998 Council Packet - Laserfiche WebLink

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be w lthdrawn or amended after the time set for receiving �setl proposals unless h to another date City scheduled for award of the sands is a Jour , without award, of the Bonds having been made. Rates shall be in of the same maturity shall of 11sl0 or 118 r t of 1 from the date of the Bonds to he date of maturity. No conditional proposals will be rate fro accepted. AWARD ativn of the interest rate of each proposal. in The Bonds will be awarded on the basis of a lowest Interest rate to be determined on a true Interest cost (TIC) basis. ��City's iu be prontrolling. accordance with customary p pal or of The City will reserve the right to: nand award of Informalities (ii) reject alpproposals matters relating to the receipt of proposals without cause, and. (111) reject any proposal which the City determines to have Taped to comply With the terms herein. BOND INSURANCE AT PURCHASER'S OPTION If the Bonds qualify for issuance of any policy of municipal bond Insurance or commitment therefor at the option of the underwriter. the purchase of any such insurance policy or the on Issuance of any such commitment shall be at the sole eonlds resulting from such purchaser of the Bonds. Any increased costs of issuance of insurance shall be paid by the purchaser, except that. If they it has requested an oreceived a rating on the Bonds from a rating agency, the City pay fees shall be the responsibility of the purchaser. Failure of the municipal bond insurer to issue the policy after t Bonds purchaser tbeen ccept delivery the on purchaser shall not constitute cause for failure or by the Bonds. CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP any Bond bnor any strop with respect Bonds. but neither the failure to print such numbers an thereto will constitute cause for failure or refusal by the p urchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUsiP identification numbers shall be pald by the purchaser. SETTLEMENT Within 40 days following the date of their award the Bt n and will be purchaser. delivered without to the purchaser bjec to receipt a place by mutually seraof a tapproving legal opinion of Kennedy & Graven. Chartered of Minneapolis, Minnesota, and of customary subject to rt by closing papers. rs, including a no-litigation g p certificate. On the date of settlement payment for the Bonds yso alrts designee not later or equivalent. funds which shall be received at the offices for the Bonds shall 12:00 Noon. Central lime. Except as compliance With the tern's of payment have been made Impossible by action of the City, or its agents, the purchaser shall be liable to the City for arty loss suffered by the City by reason of the purchaser's non - compliance with said terms for payment. nt'e IeP,111 U7AN17n A 11UMMI_.WOJ J WdC I : cf1 PR -R I -Real