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10-24-2005 CC
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10-24-2005 CC
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10/24/2005
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<br />1827140v1 A-10 <br />issuance of any such commitment shall be at the sole option and expense of the purchaser of <br />the 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 />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 through DTC in New York, New York. Delivery will be subject to receipt by the <br />purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of <br />Saint Paul and Minneapolis, Minnesota, and of customary closing papers, including a no- <br />litigation certificate. On the date of settlement, payment for the Bonds shall be made in federal, <br />or equivalent, funds that shall be received at the offices of the City or its designee not later than <br />12:00 Noon, Central Time. Unless compliance with the terms of payment for the Bonds has <br />been made impossible by action of the City, or its agents, the purchaser shall be liable to the <br />City for any loss suffered by the City by reason of the purchaser's non-compliance with said <br />terms for payment. <br />CONTINUING DISCLOSURE <br />On the date of actual issuance and delivery of the Bonds, the City will execute and deliver a <br />Continuing Disclosure Undertaking (the "Undertaking") whereunder the City will covenant for the <br />benefit of the owners of the Bonds to provide certain financial and other information about the <br />City and notices of certain occurrences to information repositories as specified in and required <br />by SEC Rule 15c2-12(b)(5). <br />OFFICIAL STATEMENT <br />The City has authorized the preparation of an Official Statement containing pertinent information <br />relative to the Bonds, and said Official Statement will serve as a nearly final Official Statement <br />within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of <br />the Official Statement or for any additional information prior to sale, any prospective purchaser <br />is referred to the Financial Advisor to the City, Springsted Incorporated, 380 Jackson Street, <br />Suite 300, Saint Paul, Minnesota 55101, telephone (651) 223-3000. <br />The Official Statement, when further supplemented by an addendum or addenda specifying the <br />maturity dates, principal amounts and interest rates of the Bonds, together with any other <br />information required by law, shall constitute a "Final Official Statement" of the City with respect
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