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The City will retain the Deposit of the successful bidder, the amount of which will be deducted at <br /> settlement and no interest will accrue to the successful bidder. In the event the successful bidder fails to <br /> comply with the accepted Proposal, said amount will be retained by the City. No Proposal can be <br /> withdrawn after the time set for receiving Proposals unless the meeting of the City scheduled for award of <br /> the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been <br /> made. <br /> AWARD <br /> The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost <br /> (TIC) basis. The City's computation of the interest rate of each Proposal, in accordance with customary <br /> practice, will be controlling. In the event of a tie, the sale of the Bonds will be awarded by lot. The City <br /> will reserve the right to: (i) waive non-substantive informalities of any Proposal or of matters relating to <br /> the receipt of Proposals and award of the Bonds, (ii)reject all Proposals without cause, and(iii)reject any <br /> Proposal which the City determines to have failed to comply with the terms herein. <br /> INFORMATION FROM SUCCESSFUL BIDDER <br /> The successful bidder will be required to provide, in a timely manner, certain information relating to the <br /> initial offering price of the Bonds necessary to compute the yield on the Bonds pursuant to the provisions <br /> of the Internal Revenue Code of 1986, as amended. <br /> OFFICIAL STATEMENT <br /> By awarding the Bonds to any underwriter or underwriting syndicate submitting a Proposal therefor, the <br /> City agrees that, no more than seven business days after the date of such award, it shall provide to the <br /> senior managing underwriter of the syndicate to which the Bonds are awarded, the Final Official <br /> Statement in an electronic format as prescribed by the Municipal Securities Rulemaking Board(MSRB). <br /> FULL CONTINUING DISCLOSURE UNDERTAKING <br /> The City will covenant in the resolution awarding the sale of the Bonds and in a Continuing Disclosure <br /> Undertaking to provide, or cause to be provided, annual financial information, including audited financial <br /> statements of the City, and notices of certain material events, as required by SEC Rule 15c2-12. <br /> BANK QUALIFICATION <br /> The City will designate the Bonds as qualified tax-exempt obligations for purposes of Section 265(b)(3) <br /> of the Internal Revenue Code of 1986, as amended. <br /> 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 />