Resolution - #87-131 - 06/09/1987

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which will be deduct,;d cd settiemento No bid shall be withdrawn after the time set for opening bids unless the meeting of th,.; City scheduled for consideration of the bids is adjourned, recessed, or ~ntinued to another dat~ without award of the Bonds having been made. Rates offered by Bidders be inintegrai multipies of 5/100or I/8 of I%. No rate for any maturity shall be more than I% than any prior t'ate. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the datE; ,~¢ maturity. No bid may be conditioned upon award of any other offering of obligations by the City., AWARD The Bonds will be aw~rded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, if any, from~ or the addition of any amount less than par, to the total dollar interest on the i3onds from their date to their final scheduled maturity. The City's computation of the 'ioi'ql net dollar interest cost of each bid, in accordance with customary practice, will be controlling~ The City will reserve the right to: (i) waive non-substantive informalities of any bid or of matters relating to the receipt ,,f bids and award of the Bonds, (ii) reject all bids without cause, and, (iii) reject any bid which the City determines to have failed to comply with the terms herein. REGISTRAR The City will name the FLegistrar which shall be subject to applicable SEC regulations. pay for the services of ti~e Registrar. CUSIP NUMBERS The City will If the Bonds qualify 'for qssignment of CUSIP numbers such numbers will be printed on the Bonds, but neither the failure t,) print such numbers on any Bond nor any error with respect thereto will constitute cause for f~iiure or refusal by the Purchaser to accept delivery of the Bonds. The CUSIP Service Bureau ch,'~rge for the assignment of CUSIP identification numbers shall be paid by the 'urchaser. SETTLE ME NT Within b, 0 days followi~,g the date of their award, the Bonds will be delivered without cost to the Purchaser at a pl~ce mutually satisfactory to the City and the Purchaser. Delivery will be subject to receipt by the Purcha:;er of an approving legal opinion of LeFevere, Lefler, Kennedy, O'Brien & Drawz, a Prof,;s.qonai Association, Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of o~:dorn~]ry closing papers, including a no-litigation certificate. On the date of settlement payme~t for the Bonds shall be made in federal, or equivalent~ funds which shall be received at the offices of the City, or its designee~ not later than I:00 P.M., Central Time. Except as compliance wi th ~i~e terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the P~rchoser's non-compliance with said terms for payment. " At settlement ~'he Purchaser will be furnished with a certificate~ signed by appropriate officers of the City~ to the effect th<;t the Official Statement did not as of the date of the Official Statement~ and does not as of thE*. ,,late of settlement, contain any untrue statement of a material fact or omit to state a materi,~l f.act r~ecessary in order to make the statements therein, in light of the circumstances under which they we. re. made, not misleading. OFFICIAL STATEMENT Underwriters rnoy obtMn a copy of the Official Statement by request to the City's Financial Advisor prior to the bid openir,g. The Purchaser will be provided with 25 copies of the Official Statement. Dated June BY ORDER OF THE CITY COUNCIL /s/ David Hartley Administrator