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as to rate or amount, and that the interest on the Bonds is exempt from <br />Federal income taxation. <br /> <br />Type of Bid - Amount <br /> <br /> Sealed bids must be mailed or delivered to the undersigned and <br />must be received prior to the time specified above. Each bid must be <br />unconditional and must be accompanied by a cashier's or certified check or <br />bank draft in the amount of $13,800, payable to the City Clerk-Treasurer, <br />to be retained by the City as liquidated damages if the bid is accepted and <br />the bidder fails to comply therewith. The good faith check of the <br />purchaser will be deposited by the City and deducted from the purchase <br />price of the bonds at delivery. The bid authorizing the lowest net <br />interest cost (total interest from date of bonds to stated maturities, less <br />any cash premium or plus any amount less than $690,000 bid for principal) <br />will be deemed the most favorable. <br /> <br /> The City specifically reserves the right to increase or decrease <br />the aggregate principal amount of the bonds and to adjust the minimum <br />purchase price proportionately, but such increase or decrease will exceed <br />neither $25,000 in total amount nor $5,000 of any annual maturity. The <br />prospective purchaser submitting the most favorable bid will be notified of <br />such modification in principal amount, if any, no later than 7:30 o'clock <br />p.m.C.T, on the day of sale. No oral bid and no bid of less than $677,000 <br />for principal plus accrued interest on all of the bonds will be considered. <br /> <br /> The City reserves the right to reject any and all bids and to <br />waive any informality in any bid. <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br /> /s/ ~loTd G. Schnelle <br />City Clerk-Treasurer <br />Ramsey, Minnesota <br /> <br />Dated: February 28, 1984 <br /> <br /> <br />