Agenda Packets - 1987/12/14 - Laserfiche WebLink

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` the time set for bid opening, a certified or cashier's check in the amount of $60,000, payable to the order of the City, shall have been filed with the undersigned or Springsted Incorporated, the City's ,.Financial Advisor. No bid will be considered for which said check has not been filed. The check of he Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be witharawn af;er the time set for opening bids unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates offered by Bidders shall be in integral multiples of 5/100 or 1/8 of 1%. No rate for any maturity shall be more than 1% lower Chun any prior rate. Bonds of the some maturity shall bear a single rate from the dote of the Bonds to the date of maturity. AWARD The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, if any, from, or the addition of any amount less than par, to the total dollar interest on the Bonds from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each bid, in accordance with customary practice, will be controlling. The City will reserve the right to: 0) waive non -substantive informalities of any bid or of matters r reiating to the receipt of bids and award of the Bonds, (ii) reject all yids without cause, and,vn:::',, reject any bid which the City determines to have failed to comply with the terms herein. REGISTRAR The City will name the Registrar which shall be subject to applicuble SEC regulations. The City will pay for the services of the Registrar. CUSIP NUMBERS lef the Bands qualify for assignment of CUSIP numbers such numbers will be printed on the dcnds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. r SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without crst to the Purchaser at a place mutually satisfactory to the City and the Purch-sor. Delivcry will be subject to receipt by the Purchaser of an approving legal opinion of Holmes & Graven, Chartered of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a'no-litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at the offices of the City, or Its designee, not later than 1:00 P.M., Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. OFFICIAL STATEMENT Underwriters may obtain a copy of the Official Statement by request to the City's Financial Advisor prior to the bid opening. The Purchaser wiil be provided with 50 copies of the Official Statement. Dated December 14, 1987 BY ORDER OF THE CITY COUNCIL /s/ Donald F. Pouley Clerk -Administrator Page 9