Agenda - Council - 02/26/1985 - Laserfiche WebLink

Home

Paying Agent/Registrar Principal and interest on the bonds will be payable at the office of First National Bank of Minneapolis, Minneapolis, Minnesota, Paying Agent and Registrar. The City will pay charges for the services of the Paying Agent and Registrar. CUSIP Numbers The City will assume no obligation for the assignment or printing of CUSIP numbers on the bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser waives any extension of the time of delivery caused thereby. Delivery Within 40 days after sale, the City will furnish and deliver at the office of the purchaser or, at its option, will deposit with a bank in the United States selected by it and approved by the City as its agent to permit examination by and to deliver to the purchaser, the printed and executed bonds, the unqualified opinion thereon of bond counsel, and a certificate stating that no litigation in any manner questioning the validity of the bonds is then threatened or pending. The charge of the delivery agent must be paid by the purchaser, but all other costs will be paid by the City. The purchase price must be paid upon delivery of the bonds, or within five days after deposit with the delivery agent, in funds available for expenditure by the City on the day of payment. Delivery is expected on or about March 27, 1985. Legal Opinion As unqualified legal opinion on each bond issue will be furnished by LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Professional Association, Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request of the purchaser. The legal opinion will state, among other things, that the bonds are valid and binding general obligations of the City, that the City is obligated and required to levy taxes if necessary for the principal and interest thereon as the same become due without limit as to rate or amount, and that the interest on the Bonds is exempt from Federal income taxation. ~ype of Bid - Amount Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time specified above. Each bid must be uncondi- tional and must be accompanied by a cashier's or certified check or bank draft in the amount of $14,100, payable to the City Clerk- Treasurer, to be retained by the City as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The good faith check of the purchaser will be deposited by the City and deducted from the purchase price of the bonds at delivery. The bid authorizing the MN220.85a/21 v