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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 rote 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--subs'cantive informaFKies of an~ proposal or of <br />matters relating to the receipt of proposals and award of the Bonds, (~ reject all proposals <br />without cause, and, (~) 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 municipa~ bond insurance or commitment <br />therefor at the option of the underwrEer, 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 w~l pay that rating fee. Any other rating <br />agency fees shall be the respons~Trty of the purchaser. <br /> <br />Failure of the municJpal bond insurer to issue the policy after Bonds have been awarded to the <br />purchaser shall not constftute 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 constib..r~ 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 />SE'I-rLEMENT <br /> <br />Within 40 days following the date of their award, the Bonds will be delivered without cost to the <br />purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be <br />subject to receipt by the purchaser of an approving legal opinion of Kennedy & Graven, <br />Chartered of Minneapolis, Minnesota, and of customary closing papers, including a no--litigation <br />certificate. On the date of settlement, payment for the Bonds shall be made in federal, or <br />equivalent, funds which'shall be received at the offices of the City or its designee not later than <br />12:00 Noon, Central Time. Except.as compl[ance with the terms of payment for the Bonds shall <br />have been made impossible by action of the City, or its agents, the purchaser shall be liable to <br />the City for any loss suffered by the City by reason of the purchasers non-compliance with said <br />terms for paymenL <br /> <br />CONTINUING DISCLOSURE <br /> <br />in accordance with SEC Rule 15c2-12(b)(5), the City will undertake, pursuant to the resolution <br />awarding sale of the Bonds, to provide annual reports and notices of certain events. A <br />description of this undertaking is set forth in the Official Statement The purchaser's obligation <br />to purchase the Bonds will be conditioned upon r~.eiving evidence of this undertaEing at or <br />prior to delivery of the Bonds. <br /> <br />- Ill - <br /> <br /> <br />