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BANK QUALIFICATION <br />The City will not designate the Bonds as qualified tax-exempt obligations for purposes of <br />Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. <br />BOND INSURANCE AT UNDERWRITER'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 successful bidder, the purchase of any such insurance policy or the <br />issuance of any such commitment shall be at the sole option and expense of the successful bidder <br />of the Bonds. Any increase in the costs of issuance of the Bonds resulting from such purchase of <br />insurance shall be paid by the successful bidder, except that, if the City has requested and <br />received a rating on the Bonds from a rating agency, the City will pay that rating fee. Any other <br />rating agency fees shall be the responsibility of the successful bidder. Failure of the municipal <br />bond insurer to issue the policy after the Bonds have been awarded to the successful bidder shall <br />not constitute cause for failure or refusal by the successful bidder to accept delivery on the <br />Bonds. <br />The City reserves the right to reject any and all Proposals, to waive informalities and to adjourn <br />the sale. <br />Dated: June 21, 2022 BY ORDER OF THE CITY OF LAKE ELMO CITY <br />COUNCIL <br />/s/ Kristina Handt <br />City Administrator <br />Additional information may be obtained from: <br />Northland Securities, Inc. <br />150 South 5`1' Street, Suite 3300 <br />Minneapolis, Minnesota 55402 <br />Telephone No.: 612-851-5900 <br />A-8 <br />LA515-108-799493.v1 <br />