Agenda - Council - 02/28/1995 - Laserfiche WebLink

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I I I I i i I I i i I I I I I I I I 1/8 of 1%. Rat~s must be in ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditional proposals will be accepted. AWARD The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (T~C) basis. The City's computation of the interest rate of each proposal, in accordance withlcustomary practice, will be controlling. The City will res~erve the right to: (i) waive non-substantive informalities of any proposal or of matters relating !to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, a~nd, (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 qu~tlify for issuance of any policy of municipal bond insurance or commitment therefor at the qption of the underwriter, the purchase of any such insurance policy or the issuance of any ~uch commitment shall be at the sole option and expense of the purchaser of the Bonds. Anyi increased costs of issuance of the Bonds resulting from such purchase of insurance shall br~ paid by the purchaser, except that, if the City has requested and received a rating on the Bo~ds 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 mupicipal bond insurer to issue the policy after Bonds have been awarded to the purchaser shall nbt constitute cause for failure or refusal by the purchaser to accept delivery on the Bonds. CUSIP NUMBERS If the Bonds qual~ify 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 const(tute 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 th~ purchaser. SE'I-rLEMENT The Bonds will be idelivered without cost to the purchaser at a place mutually satisfactory to the City and the purchaser on or about March 30, 1995. Delivery will be subject to receipt by the purchaser of an ~approving legal opinion of Holmes & Graven, Chartered of Minneapolis, Minnesota, and oflcustomary closing papers, including a no-litigation certificate. On the date of settlement paymer~t for the Bonds shall be made in federal, or equivalent, funds which shall be received at the oft[ices 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 actiqn 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 payment. OFFICIAL STATEMENT The City has auihorized the preparation of an Official Statement containing pertinent information relativeito the Bonds, and said Official Statement will serve as a nearly-final Official Statement within tl~e meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the~- Official Statement or for any additional information prior to sale, any Pag913