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A ward The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with custon1ary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and, (iii) reject any proposal which the City determines to have failed to comply wi th the tern1S herein. Delivery Within 40 days after sale, the City will furnish and deliver to the office of the purchaser or, at its option, will deposit with a bank in the United States selected by it and approved by the City as its agent to per111it examination by and to deliver to the purchaser, the printed and executed bonds, the unqualified opinion thereon of bond counsel, and a certificate stating that no litigation in any 111anner questioning their validity is then threatened or pending. The charge of the delivery agent n1ust be paid by the purchaser but all other costs will be paid by the City. The purchase price 111USt be paid upon delivery of the bonds in funds available for expenditure by the City on the day ofpaynlent. Legal Opinion An unqualified legal opinion on the bonds will be furnished by Kennedy & Graven, Chartered, Minneapolis, Minnesota. The legal opinion will be printed on t11e bonds at the request of the purchaser. The legal opinion will state that the bonds are valid and binding general obligations of the City payable prin1arily fro111 special assessnlents against benefited properties and that the City is required by law to levy taxes for the principal and interest thereon as the san1e beco111e due without lin1it as to rate or an10unt. Bond Insurance at Purchaser's Option If the Bonds qualify for issuance of any policy of n1unicipal bond insurance or con1mit111ent therefor at the option of the bidder, the purchase of any such insurance policy or the issuance of any sucl1 COlTI111it111ent will be at the sole option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of insurance will be paid by the purchaser, except that, if the City has requested and received a rating on the Bonds from a rating agency, the City will pay the rating fee. Any other rating agency fees will be the responsibility of the purchaser. Failure of the I11unicipal bond insurer to issue the policy after Bonds 11ave been awarded to the purchaser will not constitute cause for failure or refusal by the purchaser to accept delivery on the Bonds. SJB-187824v 1 CE155-16