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., <br /> • TYPE OF BID <br /> A sealed bid shall be filed with the undersigned prior to the time set for the opening of bids which <br /> shall include the annual interest rate for the specified maturity and a purchase price for the Bonds <br /> which shall be no less than 98.5% of the original principal amount. Also prior to the time set for bid <br /> opening, a certified or cashier's check in the amount of $8,750, payable to the order of the City, shall <br /> have been filed with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No <br /> bid will be considered for which said check has not been filed. The check of the Purchaser will be <br /> retained by the City as liquidated damages in the event the Purchaser fails to comply with the <br /> accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted <br /> at settlement. No bid shall be withdrawn after the time set for opening bids unless the meeting of <br /> the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date <br /> without award of the Bonds having been made. Bonds 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 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, <br /> Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a <br /> no-litigation certificate. On the date of settlement payment 'for the Bonds shall be made in federal, <br /> or equivalent, funds which shall be received at the offices of the City, or its designee, not later than <br /> 1:00 P.M., Central Time. Except as compliance with the terms of payment for the Bonds shall have <br /> been 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 /> Page 6 <br />