2015-031 Council Resolution - Laserfiche WebLink

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• • BOND INSURANCE AT PURCHASER'S OPTION The City has not applied for or pre -approved a conmutment for anv policy of nuuncipal bond insurance with respect to the Bonds. If the Bonds qualify for municipal bond insurance and a bidder desires to purchase a policy. such indication the maturities to be mstued_ and the name of the desired insurer must be set forth on the bidder's proposal. The City specifically reserves the right to reject any bid specifying municipal bond insurance. even though such bid may result in the lowest TIC to the City. All costs associated with the issuance and administration of such policy and associated ratings and expenses (other than ans mdepeudent rating requested by the Car) shall be paid by the successful bidder. Failure of the municipal bond insurer to issue the policy after the award of the Bonds shall not constitute cause for failure or refusal by the successful bidder to accept delivery of the Bonds. CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to pnnt such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser. SETTLEMENT On or about May 28. 2015. the Bonds will be delivered without cost to the purchaser through DTC New York, New York. Dehvery will be subject to receipt by the purchaser of an approving legal opunon of Kennedy & Graven, Chartered of Mumeapolis, Minnesota and of customary closing papers, includuig a no -litigation certificate. On the date of senlement, payment for the Bonds shall be made in federal. or equivalent fluids that shall be received at the offices of the Ciry or its designee not later than 12'00 Noon. Central Tune Unless compliance with the terms of payment for the Bonds has been made impossible by action of the City, or as agents, the purchaser shall be liable to the C'iry for any loss suffered by the City by reason of the purchaser's non-comphance with said terms for payment_ CONTIYLffNG DISCLOSURE In accordance ‘vith SEC Rule I5c2-12(b)(5), the City will luidertake. pursuant to the resolution awardmg sale of the Bonds. to provide annual reports and notices of certam events. A description of this undertakmg is set forth in the Official Statement. The purchaser's obligation to purchase the Bonds will be conditioned upon receiving evidence of this undertaking at or prior to dein-en- of the Bonds. OFFICIAL STATEMENT The C'itv has authorized the preparation of a Preliminary Official Statement containing pertinent infomuition relative to the Bonds, and said Preliminary Official Statement will serve as a nearly final Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Cotunussion. For copies of the Preliminary Official Statement or for any additional information prior to sale_ any prospective purchaser is referred to the Municipal Advisor to the City. Springsted Incorporated. 380 Jackson Street, Suite 300. Saint Paul. Minnesota 55101, telephone (651) 223-3000 458637v1 JAE LN140-115 v - A-5