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1989-033 Council Resolution
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1989-033 Council Resolution
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City Council
Council Document Type
Resolutions
Meeting Date
05/16/1989
Council Meeting Type
Regular
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AWARD <br />The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be <br />determined by the deduction of the premium, if any, from, or the addition of any amount Tess <br />than par, to the total dollar interest on the Bonds from their date to their final scheduled <br />maturity. The City's computation of the total net dollar interest cost of each bid, in accordance <br />with customary practice, will be controlling. <br />The City will reserve the right to: (i) waive non -substantive informalities of any bid or of matters <br />relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) <br />reject any bid which the City determines to have failed to comply with the terms herein. <br />REGISTRAR <br />The City will name the Registrar which shall be subject to applicable SEC regulations. The City <br />will pay for the services of the Registrar. <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 at a place mutually satisfactory to the City and the Purchaser. Delivery will be <br />subject to receipt by the Purchaser of an approving legal opinion of LeFevere, Lefler, Kennedy, <br />O'Brien & Drawz, a Professional Association of Minneapolis, Minnesota, which opinion will be <br />printed on the Bonds, and of customary closing papers, including a no -litigation certificate. On <br />the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds <br />which shall be received at the offices of the City, or its designee, not later than 1:00 P.M., <br />Central Time. Except as compliance with the terms of payment for the Bonds shall have been <br />made impossible by action of the City, or its agents, the Purchaser shall be liable to the City for <br />any Toss suffered by the City by reason of the Purchaser's non-compliance with said terms for <br />payment. <br />OFFICIAL STATEMENT <br />Underwriters may obtain a copy of the Official Statement by request to the City's Financial <br />Advisor prior to the bid opening. The Purchaser will be provided with 50 copies of the Official <br />Statement. <br />Dated May 8, 1989 BY ORDER OF THE CITY COUNCIL <br />/s/ Marilyn G. Anderson <br />Clerk -Treasurer <br />
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