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6 <br />4925-0715-6784.2 <br />the Deposit is not received from the apparent winning bidder in the time allotted, the Issuer may choose to <br />reject their Proposal and then proceed to offer the Bonds to the next lowest bidder based on the terms of <br />their original proposal, so long as said bidder wires funds for the Deposit amount within two hours of said <br />offer. <br /> <br />The Issuer will retain the Deposit of the successful bidder, the amount of which will be deducted at <br />settlement and no interest will accrue to the successful bidder. In the event the successful bidder fails to <br />comply with the accepted Proposal, said amount will be retained by the Issuer. No Proposal can be <br />withdrawn after the time set for receiving Proposals unless the meeting of the Issuer scheduled for award <br />of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been <br />made. <br /> <br />AWARD <br /> <br />The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost <br />(TIC) basis. The Issuer’s computation of the interest rate of each Proposal, in accordance with customary <br />practice, will be controlling. In the event of a tie, the sale of the Bonds will be awarded by lot. The Issuer <br />will reserve the right to: (i) waive non-substantive informalities of any Proposal or of matters relating to <br />the receipt of Proposals and award of the Bonds, (ii) reject all Proposals without cause, and (iii) reject any <br />Proposal which the Issuer determines to have failed to comply with the terms herein. <br /> <br />INFORMATION FROM SUCCESSFUL BIDDER <br /> <br />The successful bidder will be required to provide, in a timely manner, certain information relating to the <br />initial offering price of the Bonds necessary to compute the yield on the Bonds pursuant to the provisions <br />of the Internal Revenue Code of 1986, as amended. <br /> <br /> <br />OFFICIAL STATEMENT <br /> <br />By awarding the Bonds to any underwriter or underwriting syndicate submitting a Proposal therefor, the <br />Issuer agrees that, no more than seven business days after the date of such award, it shall provide to the <br />senior managing underwriter of the syndicate to which the Bonds are awarded, the Final Official <br />Statement in an electronic format as prescribed by the Municipal Securities Rulemaking Board (MSRB). <br /> <br />FULL CONTINUING DISCLOSURE UNDERTAKING <br /> <br />The Issuer will covenant in the resolution awarding the sale of the Bonds and in a Continuing Disclosure <br />Undertaking to provide, or cause to be provided, annual financial information, including audited financial <br />statements of the Issuer, and notices of certain material events, as required by SEC Rule 15c2-12. <br /> <br />BANK QUALIFICATION <br /> <br />The Issuer will designate the Bonds as qualified tax-exempt obligations for purposes of Section 265(b)(3) <br />of the Internal Revenue Code of 1986, as amended. <br /> <br /> <br />BOND INSURANCE AT UNDERWRITER’S OPTION <br /> <br />If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the <br />option of the successful bidder, the purchase of any such insurance policy or the issuance of any such <br />commitment shall be at the sole option and expense of the successful bidder of the Bonds. Any increase in <br />the costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by the