Resolution - #79-51a - 07/23/1979

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Paying Agent Principal and interest will be rode payable at any suitable bank in the United S~ates designated by the successful bidderwithin 48 hours after award of sale, subject to approval by the City, and the City will pay the reasonable and customary paying agency charges. CUSIP Numbers The City will assume no Obligation for the assignment or printing of CUSIP n~ers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at %he 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 delivery to the offioe of the purchaser or, at his option, will deposit with a bank in the United States selected by him 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 oounsel, and a certificate stating ~hat no litigation in any manner questioning their validity 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 exloenditure by the City on the day of payment. .Legal Opi _nion An unqualified legal opinion on the Bonds will be furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien & Drawz of Minneapolis, Ptinnesota. The legal opinion will be printed on the Bonds at the request of the purchaser. The legal opinion will state that the Bonds are valid, and binding general obligations of %he City, payable primarily frc~n special assessments against benefited property, and the City is obligated and required to levy taxes for the principal and interest thereon as the same beccrae due without limit as to rate or amount. Type of Bid - Amount Sealed bids must be mailed or delivered to %he undersigned and must be received prior to the time of said meeting. F~ch bid must be unconditional and mus~ be accom- panied by a cashier's or certified check or bank draft in the amount of $1~,000 payable to the City Administrator, to be retained by the City as liquidated damages if the bid is accepted and %he bidder fails to comply therewith. The bid authorizing the lowest net interest cost (total interest from date of bonds to stated maturities, less any cash premium or plus any a~ount less than $950,000 bid for principal) will be deemed the most favorable. No oral bid and no bid of less than $932,000 for principal plus accrued interest on all of the Bonds will be considered and the City reserves %he right bo reject any and all bids and to waive any informality in any bid. BY ORDER OF THE CITY COUNCIL DATED: July 23, 1979 /s/ Lloyd Schnelle City Administrator