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1990-049 Council Resolution
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1990-049 Council Resolution
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City Council
Council Document Type
Resolutions
Meeting Date
07/25/1990
Council Meeting Type
Regular
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shall be in integral multiples of 5/100 or 1/8 of 1%. Bonds of the same maturity shall bear a <br />single rate from the date of the Bonds to the date of maturity. No conditional bid will be <br />accepted. <br />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 less <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, <br />(iii) reject any bid which the City determines to have 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 commitment <br />therefor at the option of the bidder, the purchase of any such insurance policy or the issuance <br />of any such commitment shall be at the sole option and expense of the purchaser of the <br />Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of <br />insurance shall be paid by the purchaser, except that, if the City has requested and received a <br />rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating <br />agency fees shall be the responsibility of the purchaser. <br />Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the <br />purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on <br />the Bonds. <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 Holmes & Graven, <br />Chartered of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of <br />customary closing papers, including a no -litigation certificate. On the date of settlement <br />payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at <br />the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as <br />compliance with the terms of payment for the Bonds shall have been made impossible by <br />action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by <br />the City by reasons of the purchaser's non-compliance with said terms for payment. <br />
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