1998-06-10 Packet - Laserfiche WebLink

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Type of Proposal Proposals for not less than $711,065 plus accrued interest on the principal sum of $720,000 from date of or ginal issue of the Bonds to date of delivery must be filed with the undersigned prior to the time of safe. Proposals must be submitted to Ehlers & Associates, Inc. either: 1) In a seated envelope to Ehlers & Associates, Inc. as described herein; or 2) A facsimile submission to Ehlers & Associates, Inc., Financial Advisors, Facsimile Number: (612) 697 -8555. Proposals must be submitted to Ehlers & Associates, Inc. as described above and must be received prior to the time established above for the opening of proposals. Each proposal must be unconditional except as to legality. A good faith deposit (the "Deposit ") in the amount of $14,400, or a financial surety bond complying with the provisions below, must be submitted with each proposal. The Deposit must be in the form of a certified or cashiers check or bank draft or a wire transfer of funds to Resource Bank & Trust Company, of Minneapolis, Minnesota, ABA #09 -10- 0550 -6 for further credit to Ehlers & Associates, Inc., Bond Issue Escrow Account #850- 788 -1, Attn: Alicia O'Bannmt, or a financial surety bond. The Deposit will be retained by the City as liquidated damages if the proposal is accepted and the bidder fails to comply therewith. The Deposit will be returned to the Purchaser at the closing for the Bonds. Proposals for the Bonds should be addressed to the undersigned City Clerk. If a financial surety bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Ehlers & Associates, Inc. prior to the opening of the proposals. Such bond must identify each bidder whose deposit is guaranteed by such financial surety bond. If the Bonds are awarded to a bidder using a financial surety bond, then that purchaser is required to submit its Deposit to Ehlers & Associates, Inc. in the form of a certified or cashier's check or wire transfer as instructed by Ehlers & Associates, Inc. not later than 100 P.M., Central Time, on the next business day following the award. If such deposit is not received by that time, the financial surety bond may be drawn by the City to satisfy the deposit requirement. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn after the time set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Award The Bonds will be awarded to the bidder offering the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. In the event of a tie, the sale of the Bonds will be awarded by lot. No oral proposal will be considered, and the City reserves the right to reject any and all proposals and to waive any informality in any proposal. CUSIP Numbers The City will assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be printed at the expense of the purchaser, if the purchaser waives any delay in delivery occasioned thereby. Information From Purchaser The successful purchaser will be required to provide, in a timely manner, certain information relating to the initial offering prices of the Bonds necessary to compute the yield on the Bonds pursuant to the provisions of the Internal Revenue Code of 1986, as amended. 3