2003-05-28 CC Packet - Laserfiche WebLink

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Legal Opinion An unqualified legal opinion on the bonds will be furnished by Kennedy & Graven, Chartered, Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request of the purchaser. The legal opinion will state that the bonds are valid and binding general obligations of the City payable primarily from special assessments against benefited properties and that the City is required by law to levy taxes for the principal and interest thereon as the same become due without limit as to rate or amount. Bond Insurance at Purchaser's Option If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of the bidder, the purchase of any such insurance policy or the issuance of any such commitment will be at the sole option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of insurance will be paid by the purchaser, except that, if the City has requested and received a rating on the Bonds from a rating agency, the City will pay the rating fee. Any other rating agency fees will be the responsibility of the purchaser. Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the purchaser will not constitute cause for failure or refusal by the purchaser to accept delivery on the Bonds. Official Statement The City has authorized the preparation of an Official Statement containing pertinent information relative to the Bonds, and said Official Statement will serve as a nearly-final Official Statement as required by Rule 15c2-12 of the Securities and Exchange Commission. The Official Statement, when further supplemented by an addendum or addenda specifying the interest rates of the Bonds, together with any other information required by law, will constitute a Final Official Statement of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By awarding the Bonds to any underwriter or underwriting syndicate submitting an official Proposal Form therefor, the City agrees that, no more than seven business days after the date of such award, it will provide without cost to the senior managing underwriter of the syndicate to which the Bonds are awarded 25 copies of the Official Statement and the addenda described above. The City designates the senior managing underwriter of the syndicate to which the Bonds are awarded as its agent for purposes of distributing copies of the Final Official Statement to each Participating Underwriter. Any underwriter executing and delivering an Official Proposal Form with respect to the Bonds agrees thereby that if its proposal is accepted by the City (i) it will accept such designation and (ii) it will enter into a contractual relationship with all Participating Underwriters of the Bonds for purposes of assuring the receipt by each such Participating Underwriter of the Final Official Statement. SJB-231866vl CE155-20