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the order of the City. If a check is used, it must accompany each proposal. If a Financial <br /> Surety Bond is used, it must be from an insurance company licensed to issue such a bond in <br /> the State of Minnesota, and preapproved by the City. Such bond must be submitted to <br /> • Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must <br /> identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the <br /> Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is <br /> required to submit its Deposit to Springsted Incorporated in the form of a certified or cashier's <br /> check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central <br /> Time, on the next business day following the award. If such Deposit is not received by that <br /> time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. <br /> The City will deposit the check of the purchaser, the amount of which will be deducted at <br /> settlement and no interest will accrue to the purchaser. In the event the purchaser fails to <br /> comply with the accepted proposal, said amount will be retained by the City. No proposal can <br /> be withdrawn or amended after the time set for receiving proposals unless the meeting of the <br /> City scheduled for award of the Bonds is adjourned, recessed, or continued to another date <br /> without award of the Bonds having been made. Rates shall be in integral multiples of 5/100 or <br /> 1/8 of 1%. Rates must be in ascending order. Bc !ds of the same maturity shall bear a single <br /> 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 /> 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 />