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the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to <br /> another date without award of the Bonds having been made. Rates offered by Bidders shall be in <br /> Sintegral multiples of 5/100 or 1/8 of 1%. No rate for any maturity shall be more than 1% lower than <br /> any prior rate. Bonds of the some maturity-shall bear a single rate from the date of the Bonds to the <br /> date of maturity: <br /> AWARD <br /> The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by <br /> the deduction of the premium, if any, from, or the addition of any amount less than par, to, the total <br /> dollar interest on the Bonds from their date to their final scheduled maturity. The City's <br /> computation of the total net dollar interest cost of each bid, in accordance with customary'practice, <br /> will be controlling. <br /> The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters <br /> relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) <br /> reject any bid which the City determines to have failed to comply with the terms herein. <br /> REGISTRAR <br /> The City will name the Registrar which shall be subject to applicable SEC regulations. The City will <br /> 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, but <br /> 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 CUSIP <br /> Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the <br /> 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 subject to <br /> receipt by the Purchaser of an approving legal opinion of Dorsey & Whitney of Minneapolis and Saint <br /> Paul, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, <br /> including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made <br /> in federal, or equivalent, funds which shall be received at the offices of the City, or its designee, not <br /> later than 1:00 P.M., Central Time. Except as compliance with the terms of payment for the Bonds <br /> shall have been made impossible by action of the City, or its agents, the Purchaser shall be liable to <br /> the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said <br /> terms for payment. <br /> At settlement the Purchaser will be furnished with a certificate, signed by appropriate officers of the <br /> City, to the effect that the Official Statement did not as of the date of the Official Statement, and <br /> does not as of the date of settlement, contain any untrue statement of a material fact or omit to <br /> state a material fact necessary in order to make the statements therein, in light of the circumstances <br /> 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 Advisor <br /> prior to the bid opening. The Purchaser will be provided with 25 copies of the Official Statement. <br /> Dated October 14, 1986 BY ORDER OF THE CITY COUNCIL <br /> •/s/ Carol Lou Johnson <br /> City Clerk <br />