Agenda - Council - 04/25/2000 - Laserfiche WebLink

Home

AWARD The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance w'lth customary pr'act[ce, wit[ be controlling. The City will reserve the right to: (il waive non-substantive Informalities of any proposal or of matters relating [o the receipt et proposals and award of the Bonds, (id eeject all proposals without. ~au~e, end, (ii) reject any proposal ~/hich the City determines to have failed to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of the underwriter, the pu¢chase of any such insurance policy or the ~ssuance of any such commitment shall be at the so)e option and expense of the purchaser of the Bonds, Any increased costs of issuance of the 13ends resulting from such purchase of insurance shall be paid by the purchaser, except that, if the City has requested and received a rating ol1 the Bonds from a rating agency, the City will pay that rating fee. Any other rating agency 'lees shall be the responsibility of the purchaser. Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the purchaser shall not constitute cause for failu(e or refusal by the purchaser to accept delivery on the Bonds. CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the 13ends, but neither t;':~ failure Jo print such tlumbers on any 13end nor any error with respect theeeto will constitu'L~:, cause for failure or refusal by the purchaser to accept delivery of [he Bonds; The CUSIP Service Bureau charge for th~ assignment et= CUSIP ldenti/icatk)n numbers shall be paid by the purchaser. SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the purchaser through DTC in New York, New York. Delivery will be subject to receipt by the purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of Saint Paul and Minneapolis, Minnesota, and of customary closing papers, including a no- litigation certificate. On the date of set~lement, payment for [he Bonds shall be made in federal, er equivalent, funds which shall be received at the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by the City by reason of the purchaser's non-compliance with said terms for paymem. CONTINUING DISCLOSURE On the date of act. ual issuance and delivery of the Bonds, the City will execute and deliver a · Continuing Disclosure Undertaking (the "Undertaking") whereunder the City will covenant for the benefit of the owners of the Bonds to provide certain financial and other information about the City and notices of certain occurrences to information repositories as specified in and required by SEC Rule 15c2.-12(b){5). 80 I I I I I I I I I I