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nor the net effective rate for the entire Issue of the Bonds shall exceed the maximum rate <br /> permitted by law. Bonds of the some maturity shall bear a single rate from the date of the <br /> • Bonds to the date of maturity. <br /> AWARD <br /> The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined <br /> by the deduction of the premium, if any, from, or the addition of any amount less than par, to, <br /> the total dollar interest on the Bonds from their date to their final scheduled maturity. The <br /> City's computation of the total net dollar interest cost of each bid, in accordance with _ <br /> customary practice, will be controlling. <br /> The City will reserve the right to: (i) waive non-substantive informalities of any bid or of <br /> matters relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, <br /> and, (iii) reject any bid which the City determines to have failed to comply with the terms <br /> herein. <br /> REGISTRAR <br /> The City will name the Registrar which shall be subject to applicable SEC regulations. The City <br /> will pay for the services of the Registrar. <br /> CUSIP NUMBERS <br /> If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, <br /> but neither the failure to print such numbers on any Bond nor any error with respect thereto will <br /> constitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. The <br /> CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid <br /> 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 at a place mutually satisfactory to the City and the Purchaser. Delivery will be <br /> subject to receipt by the Purchaser of an approving legal opinion of Dorsey & Whitney, of <br /> Minneapolis and Saint Paul, Minnesota, which opinion will be printed on the Bonds, and of <br /> customary closing papers, including a no-litigation certificate. On the date of settlement <br /> payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at <br /> the offices of the City, or its designee, not later than 1:00 P.M., Central Time of the day of <br /> settlement. Except as compliance with the terms of payment for the Bonds shall have been <br /> made impossible by action of the City, or its agents, the Purchaser shall be liable to the City for <br /> any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for <br /> payment. <br /> At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers <br /> of the City, to the effect that the Official Statement did not as of the date of the Official <br /> Statement, and does not as of the date of settlement, contain any untrue statement of a material <br /> fact or omit to state a material fact necessary in order to make the statements therein, in light <br /> of the circumstances under which they were made, not misleading. <br /> OFFICIAL STATEMENT <br /> Underwriters may obtain a copy of the Official Statement by request to the City's Financial <br /> Advisor prior to the bid opening. The Purchaser will be provided with 15 copies of the Official <br /> Statement. <br /> Dated April 2, 1985 BY ORDER OF THE CITY COUNCIL <br /> /s/ David M. Childs <br /> City Manager <br />