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f <br /> single rate from the date of the Bonds to the date of maturity. No conditional proposals will be <br /> accepted. <br /> • AWARD <br /> The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true <br /> interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in <br /> accordance with customary practice, will be controlling. <br /> The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of <br /> matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals <br /> without cause, and, (iii) reject any proposal which the City determines to have failed to comply <br /> 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 underwriter, the purchase of any such insurance policy or the <br /> issuance of any such commitment shall be at the sole option and expense of the purchaser of <br /> the 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 /> • 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 through DTC in New York, New York. Delivery will be subject to receipt by the <br /> purchaser of an approving legal opinion of Dorsey & Whitney LLP of Minneapolis, Minnesota, <br /> and of 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 12:00 Noon, Central Time. Except as <br /> compliance with the terms of payment for the Bonds shall have been made impossible by action <br /> of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by the <br /> City by reason of the purchaser's non-compliance with said terms for payment. <br /> CONTINUING DISCLOSURE <br /> In accordance with SEC Rule 15c2-12(b)(5), the City will undertake, pursuant to the resolution <br /> awarding sale of the Bonds, to provide annual reports and notices of certain events. A description of <br /> this undertaking is set forth in the Official Statement. The purchaser's obligation to purchase the Bonds <br /> • will be conditioned upon receiving evidence of this undertaking at or prior to delivery of the Bonds. <br /> - iii - <br />