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2021-02-10 CC Packet
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2021-02-10 CC Packet
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more than 2.00% less than the rate for any preceding maturity. All Bonds of the same maturity must bear <br />a single uniform rate from date of issue to maturity. <br />ESTABLISHMENT OF ISSUE PRICE <br /> <br />The winning bidder shall assist the City in establishing the issue price of the Bonds and shall execute and <br />similar certificate setting forth the reasonably expected <br />initial offering price to the public or the sales price or prices of the Bonds, together with the supporting <br />pricing wires or equivalent communications, substantially in the form attached hereto as Exhibit A, with <br />such modifications as may be appropriate or necessary, in the reasonable judgment of the winning bidder, <br />the City and Bond Counsel. All actions to be taken by the City under this Notice of Sale to establish the <br />issue price of the Bonds may be taken on behalf of <br />notice or report to be provided to the City may <br /> <br />The City intends that the provisions of Treasury Regulation Section 1.148-1(f)(3)(i) (defining <br />price of the Bonds) will apply to the initial sale <br />(1) the City shall disseminate this Notice of Sale to potential underwriters in a manner that is <br />reasonably designed to reach potential underwriters; <br />(2) all bidders shall have an equal opportunity to bid; <br />(3) the City may receive bids from at least three underwriters of municipal bonds who have <br />established industry reputations for underwriting new issuances of municipal bonds; and <br />(4) the City anticipates awarding the sale of the Bonds to the bidder who submits a firm offer to <br />purchase the Bonds at the highest price (or lowest cost), as set forth in this Notice of Sale. <br /> <br />Any bid submitted pursuant to this Notice of Sale shall be considered a firm offer for the purchase <br />of the Bonds, as specified in the bid. <br /> <br />In the event that the competitive sale requirements are not satisfied, the City shall promptly so advise the <br />winning bidder. The City may then determine to treat the initial offering price to the public as of the <br />award date of the Bonds as the issue price of each maturity by imposing on the winning bidder the Hold- <br />the-Offering-Price Rule as described in the followi <br />Bids will not be subject to cancellation in the event that the City determines to apply the Hold-the- <br />Offering-Price Rule to the Bonds. Bidders should prepare their bids on the assumption that the <br />Bonds will be subject to the Hold-the-Offering-Price Rule in order to establish the issue price of the <br />Bonds. <br />By submitting a bid, the winning bidder shall (i) confirm that the underwriters have offered or will offer <br />the Bonds to the public on or before the date of awar <br /> forth in the bid submitted by the winning bidder and <br />(ii) agree, on behalf of the underwriters participating in the purchase of the Bonds, that the underwriters <br />will neither offer nor sell unsold Bonds of any maturity to which the Hold-the-Offering Price Rule shall <br />apply to any person at a price that is higher than the Initial Offering Price to the public during the period <br />starting on the award date for the Bonds and ending on the earlier of the following: <br />th <br />(1) the close of the fifth (5) business day after the award date; or <br />(2) the date on which the underwriters have sold at least 10% of a maturity of the Bonds to the public <br />at a price that is no higher than the Initial Offeri <br />time only that particular maturity will no longer be subject to the Hold-the-Offering-Price Rule. <br /> <br />The City acknowledges that, in making the representations set forth above, the winning bidder will rely <br />A-3 <br />CE155-29-699697.v1 <br /> <br />
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