Resolution 2016-028 - Laserfiche WebLink

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TYPE OF PROPOSAL Proposals of not less than $9,761,400 (99.00%) and accrued interest on the principal sum of $9,860,000 must be filed with the undersigned prior to the time of sale. Proposals must be unconditional except as to legality. Proposals for the Bonds should be delivered to Northland Securities, Inc. and addressed to: Cathy Bendel, City Finance Director 3 800 Laverne Ave N. Lake Elmo, Minnesota 55042 A good faith deposit (the "Deposit") in the amount of $197,200 in the fonn of a federal wire transfer (payable to the order of the City) is only required fi-om the apparent winning bidder, and must be received within two hours after the time stated for the receipt of Proposals. The apparent winning bidder will receive notification of the wire instructions from the Municipal Advisor promptly after the sale. If the Deposit is not received from the apparent winning bidder in the time allotted, the City may choose to reject their Proposal and then proceed to offer the Bonds to the next lowest bidder based on the terms of their original proposal, so long as said bidder wires funds for the Deposit amount within two hours of said offer. The City will retain the Deposit of the successfid bidder, the amount of which will be deducted at settlement and no interest will accrue to the successful bidder. In the event the successful bidder falls to comply with the accepted Proposal, said amount will be retained by the City. No Proposal can be withdrawn after the time set for receiving Proposals unless the meeting of tile City scheduled for award of the Bonds is adjourned, rec&§sed, or continued to another date without award of the Bonds having been made.