2003-05-28 CC Packet - Laserfiche WebLink

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Continuing Disclosure Participating underwriters need not comply with the continuing disclosure requirements of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 (the "Rule"), because the offering is in a principal amount less than $1,000,000. Consequently, the City will not enter into any undertaking to provide continuing disclosure of any kind with respect to the Bonds. Type of Proposal - Amount A sealed proposal will be for not less than $732,600 and accrued interest on the total principal amount of the Bonds. Proposals will be accompanied by a good Faith Deposit ("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount of $14,800, payable to the order of the City. If a check is used, it must accompany each proposal. 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 Northland Securities, Inc., prior to the opening of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Northland Securities, Inc., in the form of a certified or casl1ier's check or wire transfer as instructed by Northland Securities, Inc., not later than 3:30 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. The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. 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 No proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to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. Rates will be in integral multiples of 5/1 00 or 1/8 of 1%. Rates must be in ascending order. Bonds of the same maturity will bear a single rate from the date of the Bonds to the date of maturity. No conditional proposals will be accepted. BY ORDER OF THE CITY COUNCIL /s/ Kim Moore-Svkes City Administrator Dated: lVlay 28, 2003. SID-231866vl CE155-20