Agenda - Council - 11/24/1998 - Laserfiche WebLink

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rate from the date of the Bonds to the date ,of maturity. accepted. AWARD No conditional proposals will be 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 with customary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of an~/proposal or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and. (iii) reject any proposal which 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 munidpa[ bond insurance or commitment therefor at the option of the underwriter, the purchase of any such insurance policy or the issuance of any such commitment shal[ be at the sole option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by the purchaser, except that, if the City has requested and received a rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating agency fees 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 failure 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 Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the purchaser, SE'CrLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be subject to receipt by the purchaser of an approving legal opinion of Kennedy & Graven, Chartered of Minneapolis, Minnesota, and of customary dosing papers, including a no-litigation certificate. On the date of set'dement, payment for the Bonds shall be made in federal, or equivalent_, funds which shall be received at the offices of the City or its designee not later than I2:00 Noon, Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by a~on of the City, or its agent~, the purchaser shall be liable to the City for any loss suffered by the City by raason of the purchaser's non-compliance w~ said terms for payment. CONTINUING DISCLOSURE in accordance with SEC Rule 15c2-12(b)(5), the City will undertake, pursuant to the resolution awarding sale of the Bonds, to provide annual reports and notices of certain events. A description of this undertaking is set forth in the Official Statement. The purchaser's obligation to purchase the Bonds will be conditioned upon receMng evidence of this undertaking at or prior to delivery of the Bonds. _ - Ill -