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(3) <br />purchaser are subject, directly or indirectly, to (A) more than 50% common ownership of the <br />voting power or the total value of their stock, if both entities are corporations (including direct <br />ownership by one corporation or another), (B) more than 50% common ownership of their <br />capital interests or profits interests, if both entities are partnerships (including direct ownership <br />by one partnership of another), or (C) more than 50% common ownership of the value of the <br />outstanding stock of the corporation or the capital interests or profit interests of the partnership, <br />as applicable, if one entity is a corporation and the other entity is a partnership (including direct <br />ownership of the applicable stock or interests by one entity of the other), and <br />(4) <br /> <br /> <br />ADJUSTMENTS TO PRINCIPAL AMOUNT AFTER PROPOSALS <br /> <br />The City reserves the right to increase or decrease the principal amount of the Bonds. Any such increase <br />or decrease will be made in multiples of $5,000 and may be made in any maturity. If any maturity is <br />adjusted, the purchase price will also be adjusted to maintain the same gross spread. Such adjustments <br />shall be made promptly after the sale and prior to the award of Proposals by the City and shall be at the <br />sole discretion of the City. The successful bidder may not withdraw or modify its Proposal once <br />submitted to the City for any reason, including post-sale adjustment. Any adjustment shall be conclusive <br />and shall be binding upon the successful bidder. <br /> <br />OPTIONAL REDEMPTION <br /> <br />The Bonds will not be subject to optional redemption prior to their stated maturities. <br /> <br />CUSIP NUMBERS <br /> <br />If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but <br />neither the failure to print such numbers on any Bond nor any error with respect thereto shall constitute <br />cause for a failure or refusal by the successful bidder thereof to accept delivery of and pay for the Bonds <br />in accordance with terms of the purchase contract. The CUSIP Service Bureau charge for the assignment <br />of CUSIP identification numbers shall be paid by the successful bidder. <br /> <br />DELIVERY <br /> <br />Delivery of the Bonds will be within forty days after award, subject to an approving legal opinion by <br />Kennedy & Graven, Chartered, Bond Counsel. The legal opinion will be paid by the City and delivery <br />will be anywhere in the continental United States without cost to the successful bidder at DTC. <br /> <br />TYPE OF PROPOSAL <br /> <br />Proposals of not less than $1,318,312.50 (98.75%) and accrued interest on the principal sum of <br />$1,335,000 must be filed with the undersigned prior to the time of sale. Proposals must be unconditional <br />except as to legality. Proposals for the Bonds should be delivered to Northland Securities, Inc. and <br />addressed to: <br />A-5 <br />CE155-29-699697.v1 <br /> <br />