Resolution - #80-67 - 07/08/1980

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Paying Agent Principal and interest will be made payable at any suitable bank recommended by the purchaser and approved by the Council, and the City will pay the customary charges for this service provided that such recommenda- tion is received within 48 hours after the sale and the Council will select the paying agent if the recommendation is not approved. 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 to the office 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 counsel, and a certificate stating that 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 expenditure by the City on the day of payment. Legal Opinion An unqualified legal opinion on the bonds will be furnished by Messrs. LeFevere, Lefler, Pearson, O'Brien & Drawz of Minneapolis, Minne- sota. 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 the City, payable primarily from special assessments against benefited property, and that the City is obligated and required to levy taxes for the principal and interest thereon as the same become due without limit as to rate or amount. Type of Bid - Amount Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time of said meeting. Each bid must be unconditional and must be accompanied by a cashier's or certified check or bank draft in the amount of $17,500, 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 bid ~uthorizing the lowest net interest cost (total interest from date of bonds to stated maturities, less any cash premium or plus any amount less than $875,000 bid for principal) will be deemed the most favorable. No oral bid and no bid of less than