Resolution - #87-133 - 06/09/1987

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will be deducted at ~..q'l'!ement. No bid shall be withdrawn after the time set for opening bids unless the meeting of the (_:ity scheduled for consideration of the bids is adjourned, recessed, or continued to other date without ~w(~rd of the Bonds having been made. Rates offered by Bidders shall be in tegral multiples of !~/10r) or I/Sof I%. No rate for any maturity shall be more than I% lower than any prior rate. P~(mds of ~he same maturity shall bear a single rate from the date of the Bonds to the date of mc~turity, hl~ t>id may be conditioned upon award of any other offering of obligations by the City. AWARD The Bonds will be c~w(~(led to the Bidder offering the lowest dollar interest cost to be determined by the deduction of i'hf~. prer~ium, if any, from, or the addition of any amount less than par, to the total dollar interest on ~'l]e I~onds from their date to their final scheduled maturity. The City's computation of the tot(~l net dollar interest cost of each bid~ in accordance with customary practice, will be controllin.qo The City wilt reserve tt'J~ right to: (i) waive non-substantive informalities of any bid or of matters relating to the receip-~' of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which tl~e City determines to have failed to comply with the terms herein. REGISTRAR The City will name lh¢; F~;.egistrar which shall be subject to applicable SEC regulations. pay for the service'~; o~ the F~egistrar. CUSIP NUMBERS The City will If the Bonds qualify for c~ssignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure, to [)tint such numbers on any Bond nor any error with respect thereto will constitute cause for fail~re or refusal by the Purchaser to accept delivery of the Bonds. The CUSIP Service Bureau c:harf~e for the assignment of CUSIP identification numbers shall be paid' by the urchaser. SETTLEMENT Within 40 days followim~ the date of their award, the Bonds will be delivered without cost to the Purchaser at a place mutually satisfactory to the City and the Purchaser. Delivery will be subject to receipt by the Purchas~r of an approving legal opinion of LeFevere, Lefler, Kennedy, O~rien & Drawz, a Profe~sior,,]f Association, Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of (:ur~'.:omery closing papers, including a no-litigation certificate. On the date of settlement paymen~ fo~ the Bonds shal] be made in federal, or equivalent, funds which shall be received at the offic~s ~f the City, or its designee, not later than I:00 P.M., Central Time. Except as compliance wi th the 'i'erms of payment for the Bonds shall have been made impossible by action of the City, or its a§e~ts~, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. At settlement the F',~rchaser will be furnished with a certificate, signed by appropriate officers of the City, to the effect t~al' the Official Statement did not as of the date of the Official Statement, and does not as of the d~t¢ of settlement, contain any untrue statement of a material fact or omit to state a material f~ct necessary in order to make the statements therein, in light of the circumstances under which they were r,q~de, not misleading. OFFICIAL STATEMENT Underwriters rn,]y ,-)bt~]in a copy of the Official Statement by request to the City's Financial Advisor prior to the bid op~ningh The Purchaser will be provided with 15 copies of the Official Statement. Dated June 9, I')87 BY ORDER OF THE CITY COUNCIL /s/ David Hartley Administrator