Resolution - #87-132 - 06/09/1987

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the time set for bid ~'~pe,~ing, ~ certified or cashier's check in the amount of $4,000, payable to the order of the Cfty, -~hall have been filed with the undersigned or SPRINGSTED Incorporated, the City's ancial Advisor. t'4o bid will be considered for which said check has not been filed. The check of Purchaser will be retc~ined by the City as liquidated damages in the event the Purchaser fails to comply with the ¢~ccepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted ~t settlement. No bid shall be withdrawn after the time set for opening bids unless the meeting of th,~ City scheduled for consideration of the bids is adjourned, recessed, or continued to another dine without award of the Bonds having been made. Rates offered by Bidders shall be in integra~ multiples of 5/100 or I/8 of I%. No rate for any maturity shall be more than I% lower than any prior rete~ Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of mc~turity. No bid may be conditioned upon award of any other offering of obligations by the Cily.. AWARD The Bonds will be awc~rded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the prer~.~ium, if any, from, or the addition of any amount less than par, to the total dollar interest on ihe [~onds from their date to their final scheduled maturity. The City's computation of the tatcd net dollar interest cost of each bid, in accordance with customary practice, will be controllin% The City will reserve thc~ right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which 1he City determines to have failed to comply with the terms herein. REGISTRAR he City will name 1he f~.egistrar which shall be subject to applicable SEC regulations. The City will ~y for the servic:e.~; of the Registrar. CUSIP NUMBERS If the Bonds qualify f~_;r c~ssignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause fc~r fail~re or refusal by the Purchaser to accept delivery of the Bonds. The CUSIP Service Bureau chor!!e for the assignment of CUSIP identification numbers shall be paid by the Purchaser. SETTLE MENT Within 40 days following 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 Purchaser of an approving legal opinion of LeFevere, Lefler, Kennedy~ O~3rien & Drawz, a Professional Association, Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of custorn~ry closing papers~ including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made in federal~ or equivalent, funds which shall be received at the offi~:e.~ ,ff the City, or its designee, not later than I:00 P.M., Central Time. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, ff~:- Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purch¢~er's non-compliance with said terms for payment. At settlement the l~urchaser will be furnished with a certificate~ signed by appropriate officers of the City, to the effect tha'i the Official Statement did not as of the date of the Official Statement, and not as of fha date of settlemenh contain any untrue statement of a material fact or omit to tote a material f~ct necessary in order to make the statements therein, in light of the circumstances under which they were made~ not misleading.