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BOND INSURANCE AT UNDERWRITER'S OPTION <br />If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the <br />option of the successful bidder, the purchase of any such insurance policy or the issuance of any such <br />commitment shall be at the sole option and expense of the successful bidder of the Bonds. Any increase in <br />the costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by the <br />successful bidder, except that, if the City has requested and received a rating on the Bonds from a rating <br />agency, the City will pay that rating fee. Any other rating agency fees shall be the responsibility of the <br />successful bidder. Failure of the municipal bond insurer to issue the policy after the Bonds have been <br />awarded to the successful bidder shall not constitute cause for failure or refusal by the successful bidder <br />to accept delivery on the Bonds. <br />The City reserves the right to reject any and all Proposals, to waive informalities and to adjourn the sale. <br />Dated: February 23, 2011 BY ORDER OF THE CENTERVILLE CITY COUNCIL <br />/s/ Dallas Larson <br />City Administrator <br />Additional information may be obtained from: <br />Northland Securities, Inc. <br />45 South 7"' Street, Suite 2000 <br />Minneapolis, Minnesota 55402 <br />Telephone No.: 612- 851 -5900 <br />