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award of the bids is adjourned, recessed, or continued to another date without award of the <br />Bonds having been made, Rates shall be in integral multiples of 5/100 or 1/8 of 1%. Rates <br />must be in ascending order. Bonds of the same maturity shall bear a single rate from the date <br />of the Bonds to the date o[ maturity. No conditional bid will be accepted. <br /> <br /> AWARD <br /> <br />The Bonds will be awarded to the bidder offering the lowest dollar interest cost to be <br />determined by the deduction of the premium, if any, from, or the addition of any amount less <br />than par, to the' total dollar interest on the Bonds from their date to their final scheduled <br />maturity. The City's computation of the total net dollar interest cost of each bid, in accordance <br />with customary practice, will be controlling. <br /> <br />The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters <br />relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, <br />(iii) reject any bid which the City determines to have failed to comply with the terms herein. <br /> <br />REGISTRAR <br /> <br />The City will name the registrar which shall be subject to applicable SEC regulations. The City <br />will pay for the services of the registrar. <br /> <br />CUSIP NUMBERS <br /> <br />If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the <br />Bonds, but neither the failure to print such numbers on any Bond nor any error with respect <br />thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the <br />Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers <br />shall be paid by the purchaser. <br /> <br />SE-I-FLEMENT <br /> <br />Within 40 days following the date of their award, the Bonds will be delivered without cost to the <br />purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be <br />subject to receipt by the purchaser of an approving legal opinion of Holmes & Graven, <br />Chartered of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of <br />customary closing papers, including a no-litigation certificate. On the date of settlement <br />payment for the Bonds shall be made in federal, or equivalent, funds which shall be received at <br />the offices of the City or its designee not later than 12:00 Noon, Central Time. Except as <br />compliance with the terms of payment for the Bonds shall have been made impossible by <br />action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by <br />the City by reasons of the purchaser's non-compliance with said terms for payment. <br /> <br />OFFICIAL STATEMENT <br /> <br />Underwriters may obtain a copy of the Official Statement by request to the City's Financial <br />Advisor prior to the bid opening. The purchaser will be provided with 25 copies of the Official <br />Statement. <br /> <br />Dated November 8, 1989 <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br />/s/David Hartley <br /> Administrator <br /> <br />Page 22 <br /> <br /> <br />