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20071001 - VI-03
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20071001 - VI-03
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City Council
City Council - Type
CC Packets
Date
10/15/2007
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<br />of a certified or cashier's check or a Financial Surety Bond in the amount of $24,250, payable to <br />the order of the City. If a check is used, it must accompany the proposal. If a Financial Surety <br />Bond is used, it must be from an insurance company licensed to issue such a bond in the State of <br />Minnesota, and preapproved by the City. Such bond must be submitted to Springsted <br />Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify <br />each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are <br />awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to <br />submit its Deposit to Springsted Incorporated in the form of a certified or cashier's check or wire <br />transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time, on the <br />next business day following the award. If such Deposit is not received by that time, the <br />Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. The <br />Deposit received from the purchaser, the amount of which will be deducted at settlement, will be <br />deposited by the City and no interest will accrue to the purchaser. In the event the purchaser <br />fails to comply with the accepted proposal, said amount will be retained by the City. No <br />proposal can be withdrawn or amended after the time set for receiving proposals unless the <br />meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to <br />another date without award of the Bonds having been made. Rates shall be in integral multiples <br />of 5/1 00 or 1/8 of 1 %. Rates must be in level or ascending order. Bonds of the same maturity <br />shall bear a single rate from the date of the Bonds to the date of maturity. No conditional <br />proposals will be 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 that the City determines to have failed to comply with <br />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 the <br />Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of insurance <br />shall be paid by the purchaser, except that, if the City has requested and received a rating on the <br />Bonds from a rating agency, the City will pay that rating fee. Any other rating agency fees shall <br />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 />A-3 <br /> <br />2085700vl <br />
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