2015-031 Council Resolution - Laserfiche WebLink

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• • • SECURITY AND PURPOSE The Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levv direct general ad valorem taxes. In addition. the City will pledge abatement revenues from identified properties. The proceeds will be used to finance (i) various street reconstruction proiects as identified in the City's 2015-2019 Street Reconstruction Plan. and (u) various other road and street improvements within the City. BIDDLNG PARAME 1ERS Proposals shall be for not less than S3_603,550 plus accrued interest_ if any. on the total principal amount of the Bonds. No proposal can be withdrawn or amended after the tune set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned. recessed, or continued to another date without award of the Bonds haying been made Rates shall be in integral multiples of 1 100 or 1 S of 106 The uutial price to the public for each maturity must be 9S0`vo or greater. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity, No conditional proposals will be accepted. GOOD FAITH DEPOSIT To have its proposal considered for award_ the lowest bidder is required to subnut a good faith deposit to the Cin; in the amount of S$6,450 (the --Deposit-) no later than 1-00 P.M.. Central Tune on the dal; of sale The Deposit may be delivered as described herein in the form of either (i) a certified or cashier's check parable to the City: or (u) a wire transfer. The lowest bidder shall be solely responsible for the timely delivery of their Deposit whether by check or wire transfer. Neither the City nor Springsted Incorporated have any liability for delays in the receipt of the Deposit, If the Deposit is not received by the specified tune. the COY may. at its sole discretion reject the proposal of the lowest bidder. direct the second lowest bidder to subnut a Deposit_ and thereafter award the sale to such bidder, Cerr7fied or Casier's Check. A Deposit made by certified or cashier's check will be considered tunelv delivered to the City if it is made payable to the City and delivered to Springsted Incorporated, $S0 Jackson Street. Suite 300. St. Paul, Minnesota 55101 by the specified time, tVTrc Tra,7sfer. A Deposit made by wire will be considered timely delivered to the City upon subnussion of a federal wire reference number by the specified tune. Wire transfer instructions vi.11 be available from Springsted Incorporated following the receipt and tabulation of proposals. The successful bidder must send an e-mail including the follow -mg information: (r) the federal reference number and tune released. (n) the amotmt of the wire transfer. and (in.) the issue to which it applies. Once an award has been made. the Deposit received from the lowest bidder (the --purchaser-) will be retained by the City and no interest will accrue to the purchaser. The amount of the Deposit will be deducted at settlement from the purchase pnce. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. AWARD The Bonds vi1I be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis calculated on the proposal prior to any adjustment made by the City The City's computation of the interest rate of each proposal. in accordance with customary practice. will be controllmg. The City will reserve the right to. (i) waive non -substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Bonds. (n) reject all proposals without cause and (iii reject any proposal that the City deternnnes to have failed to comply with the terms herein. 458637v1 JAE LN140-115 A-4