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<br />Type of Bid - Amount <br /> <br />A sealed bid will be for not less than $976,140 and accrued interest on the total principal <br />amount of the Bonds. Bids will be accompanied by a good Faith Deposit ("Deposit") in the form <br />ofa certified or cashier's check or a Financial Surety Bond in the amount of $19,800, payable to <br />the order of the City. If a check is used, it must accompany each bid. If a Financial Surety Bond <br />is used, it must be from an insurance company licensed to issue such a bond in the State of <br />Minnesota, and pre approved by the City. Such bond must be submitted to Juran & Moody, a <br />division of Miller Johnson Steichen Kinnard Investment Securities Inc., prior to the opening of <br />the bids. The Financial Surety Bond must identify each underwriter whose Deposit is guaranteed <br />by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a Financial <br />Surety Bond, then that purchaser is required to submit its Deposit to Juran & Moody, a division <br />of Miller Johnson Steichen Kinnard Investment Securities Inc., in the form of a certified or <br />cashier's check or wire transfer as instructed by Juran & Moody, a division of Miller Johnson <br />Steichen Kinnard Investment Securities Inc., not later than 3:30 P.M., Central Time, on the next <br />business day following the award. If such Deposit is not received by that time, the Financial <br />Surety Bond may be drawn by the City to satisfy the Deposit requirement. The City will deposit <br />the check of the purchaser, the amount of which will be deducted at settlement and no interest <br />will accrue to the purchaser. In the event the purchaser fails to comply with the accepted bid, <br />said amount will be retained by the City. No bid can be withdrawn or amended after the time set <br />for receiving proposals unless the meeting of the City scheduled for award of the Bonds is <br />adjourned, recessed, or continued to another date without award of the Bonds having been made. <br />Rates will be in integral multiples of 5/1 00 or 1/8 of 1 %. Bonds of the same maturity will bear a <br />single rate from the date of the Bonds to the date of maturity. No conditional proposals will be <br />accepted. <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br />/s/ Theresa Bender <br />City Clerk-Treasurer <br /> <br />Dated: October 10,2001. <br /> <br />SJB-203936vl <br />CE155-17 <br />