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Ms. Mary Ann Creager <br />City Clerk -Treasurer <br />City Hall <br />Hugo, Minnesota 55038 <br />Bids delivered to Ehlers and <br />Associates, Inc., by 12:00 o'clock <br />P.M. on the day of sale will be <br />carried to the sale and the bid <br />security will be retained in the <br />offices of Ehlers and Associates, <br />Inc., with the same effect as if <br />delivered to the City Clerk - <br />Treasurer. <br />RATES: All rates must be in integral <br />multiples of 1/20th or 1/8th of 1% <br />and may not exceed the maximum rate <br />permitted by law. No limitation is <br />placed upon the number of rates <br />which may be used. All rates shall <br />be in ascending order. <br />AWARD: Award will be made solely on the <br />basis of lowest net interest cost, <br />determined by addition of any dis- <br />count to and deduction of any pre- <br />mium from the total interest on all <br />bonds from their date to their <br />stated maturity. The net effective <br />average rate of the issue may not <br />exceed the maximum rate permitted <br />by law. <br />-3- <br />