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2006-148 Council Resolution
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2006-148 Council Resolution
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9/19/2014 9:50:47 AM
Creation date
9/18/2014 9:35:43 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
09/25/2006
Council Meeting Type
Regular
Resolution #
06-148
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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 <br />a true interest cost (TIC) basis. The City's computation of the interest rate of each <br />proposal, in accordance with customary practice, will be controlling. <br />The City will reserve the right to: (i) waive non - substantive informalities of any proposal <br />or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all <br />proposals without cause, and (iii) reject any proposal that the City determines to have <br />failed to comply with 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 <br />commitment therefor at the option of the underwriter, the purchase of any such <br />insurance policy or the issuance of any such commitment shall be at the sole option and <br />expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds <br />resulting from such purchase of insurance shall be paid by the purchaser, except that, if <br />the City has requested and received a rating on the Bonds from a rating agency, the <br />City will pay that rating fee. Any other rating agency fees shall be the responsibility of <br />the purchaser. Failure of the municipal bond insurer to issue the policy after Bonds <br />have been awarded to the purchaser shall not constitute cause for failure or refusal by <br />the purchaser to accept delivery on the Bonds. <br />CUSIP NUMBERS <br />If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on <br />the Bonds, but neither the failure to print such numbers on any Bond nor any error with <br />respect thereto will constitute cause for failure or refusal by the purchaser to accept <br />delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP <br />identification numbers 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 <br />to the purchaser through DTC in New York, New York. Delivery will be subject to <br />receipt by the purchaser of an approving legal opinion of Kennedy & Graven, Chartered <br />of Minneapolis, Minnesota, and of customary closing papers, including a no- litigation <br />certificate. On the date of settlement, payment for the Bonds shall be made in federal, <br />or equivalent, funds that shall be received at the offices of the City or its designee not <br />later than 12:00 Noon, Central Time. Unless compliance with the terms of payment for <br />the Bonds has been made impossible by action of the City, or its agents, the purchaser <br />shall be liable to the City for any loss suffered by the City by reason of the purchaser's <br />non - compliance with said terms for payment. <br />CONTINUING DISCLOSURE <br />
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