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1%. Rates must be in ascending order. Bonds of the same maturity shall bear a single rate <br /> fre,m the date of the Bonds to the date of maturity, No conditional bid will be accepted. <br /> • AWARD <br /> The Bonds 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 Bonds 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 Bonds, (Il) reject all bids without cause, and, <br /> (111) reject any bid which the City determines to have failed to comply with the terms herein. <br /> BOND INSURANCE AT PURCHASER'S OPTION <br /> If the Bonds qualify for Issuance of any policy of municipal bond insurance or commitment <br /> therefor at the option of the bidder, the purchase of any such insurance policy or the issuance <br /> of any such commitment shall be at the sole option and expense of the purchaser of the <br /> Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of <br /> insurance shall be paid by the purchaser, except that, if the City has requested and received a <br /> rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating <br /> agency fees shall be the responsibility of the purchaser. <br /> Failure of the municipal bond Insurer to Issue the policy after Bonds have been awarded to the <br /> purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on <br /> • the Bonds. <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 <br /> Bonds, but neither the failure to print such numbers on any Bond nor any error with respect <br /> thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the <br /> Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP Identification numbers <br /> shall be paid 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, Minnesota, which opinion will be printed on the Bonds, and of customary closing <br /> papers, including a no-litigation certificate. On the date of settlement payment for the Bonds <br /> shall be made in federal, or equivalent, funds which shall be received at the offices of the City <br /> or its designee not later than 12:00 Noon, Central Time. Except as compliance with the terms <br /> of payment for the Bonds shall have been made impossible by action of the City, or Its agents, <br /> the purchaser shall be liable to the City for any loss suffered by the City by reason of the <br /> purchaser's non-compliance with said terms for payment. <br /> ii <br />