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1/8 of 1%. Rates must be in ascending order. Bonds of the same maturity shall bear a single <br />rate from the date of the Bonds to the date of maturity. No conditional proposals will be <br />accepted. <br /> <br />AWARD <br /> <br />The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true <br />interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in <br />accordance with customary practice, will be controlling. <br /> <br />The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of <br />matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals <br />without cause, and, (iii) reject any proposal which the City determines to have failed to comply <br />with the terms herein. <br /> <br />BOND INSURANCE AT PURCHASER'S OPTION <br /> <br />If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment <br />therefor at the option of the underwriter, the purchase of any such insurance policy or the <br />issuance of any such commitment shall be at the sole option and expense of the purchaser of <br />the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of <br />insurance shall be paid by the purchaser, except that, if the City has requested and received a <br />rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating <br />agency fees shall be the responsibility of the purchaser. <br /> <br />Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the <br />purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on <br />the Bonds. <br /> <br />CUSIP NUMBERS <br /> <br />If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the <br />Bonds, but neither the failure to print such numbers on any Bond nor any error with respect <br />thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the <br />Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers <br />shall be paid by the purchaser. <br /> <br />SETTLEMENT <br /> <br />The Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the <br />City and the purchaser on or about March 30, 1995. Delivery will be subject to receipt by the <br />purchaser of an approving legal opinion of Holmes & Graven, Chartered of Minneapolis, <br />Minnesota, and of customary closing papers, including a no-litigation certificate. On the date of <br />settlement payment for the Bonds shall be made in federal, or equivalent, funds which shall be <br />received at the offices of the City or its designee not later than 12:00 Noon, Central Time. <br />Except as compliance with the terms of payment for the Bonds shall have been made <br />impossible by action of the City, or its agents, the purchaser shall be liable to the City for any <br />loss suffered by the City by reason of the purchaser's non-compliance with said terms for <br />payment. <br /> <br />OFFICIAL STATEMENT <br /> <br />The City has authorized the preparation of an Official Statement containing pertinent <br />information relative to the Bonds, and said Official Statement will serve as a nearly-final Official <br />Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. <br />For copies of the Official Statement or for any additional information prior to sale, any <br /> <br />- III - <br /> <br /> <br />