Resolution - #00-11-315 - 11/28/2000

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• • RAPES: 1231807.1 liquidated damages if proposal maker fails to comply with accepted proposal. Proposals for the bonds should be delivered to Juran & Moody, and addressed to: James E. Norman Administrator Ramsey City Hall 15153 Nowthen Blvd. Northwest Ramsey, Minnesota 55303 -6140 If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the Issuer. Such bond must be submitted to Juran & Moody, prior to the opening of the proposals. The Financial Surety Bond must identify each proposal maker whose Deposit is guaranteed by such Financial Surety Bond. If the bonds are awarded to a proposal maker using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Juran & Moody in the form of a certified or cashier's check or wire transfer as instructed by Juran & Moody not later than 3:30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the Issuer to satisfy the Deposit requirement. The Issuer will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the Issuer. No proposal can be withdrawn after the time set for receiving proposals unless the meeting of the Issuer scheduled for award of the bonds is adjourned, recessed, or continued to another date without award of the bonds having been made. All rates must be in integral multiples of 1 /20th or 1 /8th of 1 %. No limitation is placed upon the number of rates which may be used. All bonds of the same maturity must bear a single uniform rate from date of issue to maturity and no rate. A-4