Agenda - Council - 11/14/1995 - Laserfiche WebLink

Home

I I I I I I I I I I I I I I I I I 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 accor- dance with customary practice, will be controlling. The City will resole 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, ~nd, (iii) reject any proposal which the City determines to have failed to comply with the terms herein. REGISTRAR The City will nan3e the registrar which shall be subject to applicable SEC regulations. The City will pay for the s~rvices of the registrar. CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but neithd)r the failure to print such numbers on any Bend 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 t~,e purchaser, SETTLEMENT Within 40 days foll~3wing the date of their award, the Bonds will be delivered without cost to the purchaser at a plai;e mutually satisfactory to the City and the purchaser. Delivery will be sub- ject to receipt by tl~e purchaser of an approving legal opinion of Kennedy & Graven, Chartered of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including al no.litigation certificate. On the date of settlement payment for the Bonds shall be made in fd. deral, or equivalent, funds which Shall be received at the offices of the City or its designee notilater than 12:00 Noon, Central Time. Except as compliance with the terms of payment for the ~onds shall have been made impossible by action of the City, or its agents, the purchaser shallJ 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. CONTINUING DISCLOSURE Participating unde~riters need not comply with the continuing disclosure requirements of Rule 15c2-12 prom_U, lgated by the Securities and Exchange Commission under the Securities Exchange Act of 1~i34 (the "Rule"), because the offering is in a principal amount less than $1,000,000. Conse{uenfly, the City will not enter into any undertaking to provide continuing disclosure of any kind with respect to the Bonds. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent informa- tion relative to the B~ds, and said Official Statement will serve as a nearly-final Official State- ment within the meat~ing of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Official ~tatement or for any additional information prior to sale, any prospective purchaser is referred!to the Financial Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, telephone (612) 223-3000.