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• 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 /> 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 LLP of <br /> Minneapolis, Minnesota,and of customary closing papers, including a no-litigation certificate. <br /> On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds <br /> which shall be received at the offices of the City or Its designee not later than 12:00 Noon, <br /> Central Time. Except as compliance with the terms of payment for the Bonds shall have been <br /> 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 /> SECONDARY MARKET DISCLOSURE <br /> Participating underwriters need not comply with the continuing disclosure requirements of <br /> Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities <br /> Exchange Act of 1934 (the "Rule"), because the offering Is in a principal amount less than <br /> $1,000,000. Consequently, the City will not enter into any undertaking to provide continuing <br /> disclosure of any kind with respect to the Bonds. <br /> OFFICIAL STATEMENT <br /> The City has authorized the preparation of an Official Statement containing pertinent <br /> information relative to the Bonds, and said Official Statement will serve as a nearly-final Official <br /> Statement within the meaning of Rule 16c2-12 of the Securities and Exchange Commission. <br /> For copies of the Official Statement or for any additional information prior to sale, any <br /> prospective purchaser is referred to the Financial Advisor to the City, Springsted Incorporated, <br /> 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, 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 Bonds, together with any other <br /> information required by law, shall constitute a "Final Official Statement" of the City with respect <br /> to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any <br /> - IN <br />