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R;ttcs shall t',~_: it~ i~tcg, ral multiples of 5/100 or 1/8 of 1%. Rates must be in ascending order.
<br />Bonds o[' tt-,~: am~e maturity shall bear a single rate from the date of the Bonds to the date of
<br />mattMly. No c.,mditiimal bid will be accepted.
<br />
<br />AWARD
<br />
<br />Tho Bonds wili br~ awarded to the bidder offering the lowest dollar interest cost to be determined
<br />by thc dcdm:~i~,t, ()l~ thc premium, if any, from, or the addition of any amount less than par, to the
<br />tolal dolh.,.r i~t,.xrc:;t on the Bonds from their date to their final scheduled maturity. The City's
<br />compu~alion, ~1! ~t~' ~otal net dollar interest cost of each bid, in accordance with customary practice,
<br />will bc co,lit'ellis?,
<br />
<br />Tho City wi il r, ~;~:~'ve the right to: (i) waive non-substantive informalities of any bid or of matters
<br />relating to th~; rcc',t.dpt of bids and award of the Bonds, (ii) reject all bids without cause, and, (iii)
<br />rcjeot any bM ,m tde:h tho City determines to have failed to comply with the terms herein.
<br />
<br />REGISTRAR
<br />
<br />Thc City ,.rill ~a~,z thc registrar which shall be subject to applicable SEC regulations. The City
<br />will pay for 51~_'. st;~vices of the registrar.
<br />
<br />CUSIP NUMBERS
<br />
<br />IF tho llo~d:; qt~alify For assignment of CUSIP numbers, such numbers will be printed on the
<br />Bonds, but neitl,c.v thc failure to print such numbers on any Bond nor any error with respect thereto
<br />will constimt,.: cattsc for failure or refusal by the purchaser to accept delivery of the Bonds. The
<br />CU SIP S c~'v i~ :~.: ti t~ rcau ch arge for the assignment of CUSIP identification numbers shall be paid
<br />by lite
<br />
<br />SETTLEMENT
<br />
<br />Within d0 day:, h~! i{~wing the date of their award, the Bonds will be delivered without cost to the
<br />purchaser at a i>iao; mutually satisfactory to the City and the purchaser. Delivery will be subject to
<br />rcccil)t by th,3 i)tl,:chaser of an approving legal opinion of Holmes & Graven, Chartered of
<br />Mi,mcapo/is, Mira ~,sota, which opinion will be printed on the Bonds, and of customary closing
<br />papers, incl tKt it~g a no--liligation certificate. On the date of settlement, payment for the Bonds shall
<br />be made in /;{7tc~'ai, or equiwtlent, funds which shall be received at the offices of the City or its
<br />designee not lalcr titan 12:00 noon, Central Time. Except as compliance with the terms of payment
<br />for the Il(rods :4hatl{ have been made impossible by action of the City, or its agents, the purchaser
<br />shall bo liabh, 1~, ibc City for any loss suffered by the City by reasons of the purchaser's non-
<br />coml)lianct: will¢ >;~Ji(I If31'll]S for payment.
<br />
<br />OFtalCIAL STATEMENT
<br />
<br />Undcrwrit,n':; n,~,y (~btain a copy of the Official Statement by request to the City's Financial
<br />Advisor i)~i()r l~, tt-Je bid opening. The purchaser will be provided with 25 copies of the Official
<br />Statement.
<br />
<br /> 3) ~l'l~i the Administrator is authorized and dkected to advertise the Bonds for sale in
<br />accordance: wi lb ih-'. 2)rcgoing Official Terms of Offering and to publish the abbreviated notice of
<br />sale attached bcr¢Io :ts Exhibit A in the manner requked by law. The City Council will meet at 7:30
<br />i).m. on ~['ut:s;(l:t?, November 28, 1989 to consider bids on the Bonds and take any other
<br />appropriate ac. li(~ ,vith respect to the Bonds.
<br />
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