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2010-031 Council Resolution
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2010-031 Council Resolution
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Last modified
9/2/2014 1:55:16 PM
Creation date
8/29/2014 1:44:38 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
04/12/2010
Council Meeting Type
Regular
Resolution #
10-31
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• <br />• <br />• <br />AWARD <br />The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true <br />interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in <br />accordance with customary practice, will be controlling. <br />The City will reserve the right to: (i) waive non - substantive informalities of any proposal or of <br />matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals <br />without cause, and (iii) reject any proposal that the City determines to have failed to comply with <br />the terms herein. <br />BOND INSURANCE AT PURCHASER'S OPTION <br />If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment <br />therefor at the option of the underwriter, the purchase of any such insurance policy or the <br />issuance of any such commitment shall be at the sole option and expense of the purchaser of <br />the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of <br />insurance shall be paid by the purchaser, except that, if the City has requested and received a <br />rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating <br />agency fees shall be the responsibility of the purchaser. <br />Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the <br />purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on <br />the Bonds. <br />CUSIP NUMBERS <br />If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the <br />Bonds, but neither the failure to print such numbers on any Bond nor any error with respect <br />thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the <br />Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers <br />shall be paid by the purchaser. <br />SETTLEMENT <br />Within 40 days following the date of their award, the Bonds will be delivered without cost to the <br />purchaser through DTC in New York, New York. Delivery will be subject to receipt by the <br />purchaser of an approving legal opinion of Kennedy & Graven, Chartered of Minneapolis, <br />Minnesota, and of customary closing papers, including a no- litigation certificate. On the date of <br />settlement, payment for the Bonds shall be made in federal, or equivalent, funds that shall be <br />received at the offices of the City or its designee not later than 12:00 Noon, Central Time. <br />Unless compliance with the terms of payment for the Bonds has been made impossible by <br />action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by <br />the City by reason of the purchaser's non - compliance with said terms for payment. <br />CONTINUING DISCLOSURE <br />In accordance with SEC Rule 15c2- 12(b)(5), the City will undertake, pursuant to the resolution <br />awarding sale of the Bonds, to provide annual reports and notices of certain events. A <br />description of this undertaking is set forth in the Official Statement. The purchaser's obligation <br />to purchase the Bonds will be conditioned upon receiving evidence of this undertaking at or <br />prior to delivery of the Bonds. <br />Page 18 <br />
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