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10-24-2005 CC
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10-24-2005 CC
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MV City Council
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City Council Packets
Date
10/24/2005
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<br />1827140v1 A-9 <br />be redeemed and each participant will then select by lot the beneficial ownership interests in <br />such maturity to be redeemed. All prepayments shall be at a price of par plus accrued interest. <br />» <br />SECURITY AND PURPOSE <br />The Bonds will be general obligations of the City for which the City will pledge its full faith and <br />credit and power to levy direct general ad valorem taxes. The proceeds will be used to finance <br />the acquisition, construction and furnishing of buildings and equipment for municipal fire <br />protection. <br />TYPE OF PROPOSALS <br />Proposals shall be for not less than $8,286,600 and accrued interest on the total principal <br />amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in <br />the form of a certified or cashier's check or a Financial Surety Bond in the amount of $84,000, <br />payable to the order of the City. If a check is used, it must accompany the proposal. If a <br />Financial Surety Bond is used, it must be from an insurance company licensed to issue such a <br />bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to <br />Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must <br />identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the <br />Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is <br />required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's <br />check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central <br />Time, on the next business day following the award. If such Deposit is not received by that <br />time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. <br />The Deposit received from the purchaser, the amount of which will be deducted at settlement <br />and no interest will accrue to the purchaser, will be deposited by the City. In the event the <br />purchaser fails to comply with the accepted proposal, said amount will be retained by the City. <br />No proposal can be withdrawn or amended after the time set for receiving proposals unless the <br />meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to <br />another date without award of the Bonds having been made. Rates shall be in integral multiples <br />of 5/100 or 1/8 of 1%. Rates must be in level or ascending order. Bonds of the same maturity <br />shall bear a single rate from the date of the Bonds to the date of maturity. No conditional <br />proposals will be accepted. <br />AWARD <br />The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true <br />interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in <br />accordance with customary practice, will be controlling. <br />The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of <br />matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals <br />without cause, and (iii) reject any proposal that the City determines to have failed to comply with <br />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 underwriter, the purchase of any such insurance policy or the
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