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of 1%. Rates must be in ascending order. Certificates of the same maturity shall bear a single <br /> rate from the date of the Certificates to the date of maturity. No conditional bid will be <br /> accepted. <br /> AWARD <br /> The Certificates will be awarded to the bidder offering the lowest dollar interest cost to be <br /> determined by the deduction of the premium, if any, from, or the addition of any amount less <br /> than par, to the total dollar interest on the Certificates from their date to their final scheduled <br /> maturity. The City's computation of the total net dollar interest cost of each bid, in accordance <br /> with customary practice, 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 Certificates, (ii) reject all bids without cause, <br /> and, (iii) 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 <br /> will pay for the services of the registrar. <br /> CUSIP NUMBERS <br /> If the Certificates qualify for assignment of CUSIP numbers such numbers will be printed on the <br /> Certificates, but neither the failure to print such numbers on any Certificate nor any error with <br /> respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of <br /> the Certificates. The CUSIP Service Bureau charge for the assignment of CUSIP identification <br /> numbers shall be paid by the purchaser. <br /> SETTLEMENT . <br /> Within 40 days following the date of their award, the Certificates will be delivered without cost <br /> to the 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, Minnesota, which opinion will be printed on the Certificates, and of customary <br /> closing papers, including a no-litigation certificate. On the date of settlement payment for the <br /> Certificates shall be made in federal, or equivalent, funds which shall be received at the offices <br /> of the City or its designee not later than 12:00 Noon, Central Time. Except as compliance with <br /> the terms of payment for the Certificates shall have been made impossible by action of the City, <br /> or its agents, the purchaser shall be liable to the City for any loss suffered by the City by <br /> reasons of the purchaser's non-compliance with said terms for payment. <br /> OFFICIAL STATEMENT <br /> The City has authorized the preparation of an Official Statement containing pertinent <br /> information relative to the Certificates, and said Official Statement will serve as a nearly-final <br /> Official Statement as required by Rule 15c2-12 of the Securities and Exchange Commission. <br /> For copies of the Official Statement and the Official Bid Form or for any additional information <br /> prior to sale, any prospective purchaser is referred to the Financial Advisor to the City, <br /> Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, <br /> telephone (612) 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 Certificates, together with any other <br /> information required by law, shall constitute a "Final Official Statement" of the City with respect <br /> to the Certificates, as that term is defined in Rule 15c2-12. By awarding the Certificates to any <br /> - ii <br />