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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 />settlement, will be deposited by the City and no interest will accrue to the purchaser. In the <br />event the purchaser fails to comply with the accepted proposal, said amount will be retained by <br />the City. No proposal can be withdrawn or amended after the time set for receiving proposals <br />unless the meeting of the City scheduled for award of the Certificates is adjourned, recessed, or <br />continued to another date without award of the Certificates having been made. Rates shall be in <br />integral multiples of 5/1 00 or 118 of 1 %. Rates must be in level or ascending order. Certificates <br />of the same maturity shall bear a single rate from the date of the Certificates to the date of <br />maturity. No conditional proposals will be accepted. <br /> <br />AWARD <br /> <br />The Certificates will be awarded on the basis of the lowest interest rate to be determined on a <br />true 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 Certificates, (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 />CUSIP NUMBERS <br /> <br />If the Certificates qualify for assignment of CUSIP numbers such numbers will be printed on the <br />Certificates, but neither the failure to print such numbers on any Certificate nor any error with <br />respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of <br />the Certificates. The CUSIP Service Bureau charge for the assignment of CUSIP identification <br />numbers shall be paid by the purchaser. <br /> <br />SEITLEMENT <br /> <br />Within 40 days following the date of their award, the Certificates will be delivered without cost <br />to the purchaser through DTC in New York, New York. Delivery will be subject to receipt by <br />the purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of <br />Saint Paul and Minneapolis, Minnesota, and of customary closing papers, including a no- <br />litigation certificate. On the date of settlement, payment for the Certificates shall be made in <br />federal, or equivalent, funds that shall be received at the offices of the City or its designee not <br />later than 12:00 Noon, Central Time. Unless compliance with the terms of payment for the <br />Certificates has been made impossible by action of the City, or its agents, the purchaser shall be <br />liable to the City for any loss suffered by the City by reason of the purchaser's non-compliance <br />with said terms for payment. <br /> <br />CONTINUING DISCLOSURE <br /> <br />On the date of actual issuance and delivery of the Certificates, the City will execute and deliver a <br />Continuing Disclosure Undertaking (the "Undertaking") whereunder the City will covenant for <br />the benefit of the owners of the Certificates to provide certain [mancial and other information <br />about the City and notices of certain occurrences to information repositories as specified in and <br />required by SEC Rule 15c2-12(b)(5). <br /> <br />208575lvl <br /> <br />A-3 <br />
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