07/09/1990 Council Minutes (2) - Laserfiche WebLink

Home Search

1 1 177 shall be in integral multiples of 5/100 or 1/8 of 1%. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional bid will be accepted. AWARD The Bonds will be awarded to the bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, if any, from, or the addition of any amount less than par, to the total dollar interest on the Bonds from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each bid, in accordance with customary practice, will be controlling. The City will reserve the right to: (1) waive non - substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid 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 policy of municipal bond insurance or commitment therefor at the option of the bidder, the purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by the purchaser, except that, if the City has requested and received a rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating agency fees shall be the responsibility of the purchaser. Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on the Bonds. REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be pi Bonds, but neither the failure to print such numbers on any Bond nor any error thereto will constitute cause for failure or refusal by the purchaser to accept Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identifica- shall be paid by the purchaser. SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered with purchaser at a place mutually satisfactory to the City and the purchaser. C, subject to receipt by the purchaser of an approving legal opinion of Holt. Chartered of Minneapolis, Minnesota, which opinion will be ;:tinted on the 1 customary closing papers, including a certificate. On the date ....we in federal, or equivalent, funds which shat= the offices of the City or its designee not later than 12:00 Noon, Central Tit compliance with the terms of payment for the Bonds shall have been made action of the City, or its agents, the purchaser shall be liable to the City for any the City by reasons of the purchaser's non - compliance with said terms for paym( ' ited on the pith respect :very of the )n numbers cost to the grit will be Graven, s, and of jettlement xeived at accept as )ssible by Ifered by