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2002-08-23 Proposed Right of Way Ordinance Memo
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2002-08-23 Proposed Right of Way Ordinance Memo
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<br />Type of Proposal - Amount <br /> <br />A sealed proposal will be for not less than $626,110 and accrued interest on the total <br />principal amount of the Bonds. Proposals will be accompanied by a good Faith Deposit <br />("Deposit") in the form of a certified or cashier's check or a Financial Surety Bond in the amount <br />of $12,700, payable to the order of the City. If a check is used, it must accompany each <br />proposal. If a Financial Surety Bond is used, it must be from an insurance company licensed to <br />issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be <br />submitted to Juran & Moody, a division of Miller Johnson Steichen Kinnard Investment <br />Securities, Inc., prior to the opening of the proposals. The Financial Surety Bond must identify <br />each underwriter whose Deposit is guaranteeifby such Financial Surety Bond. If the Bonds are <br />awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to <br />submit its Deposit to Juran & Moody, a division of Miller Johnson Steichen Kinnard Investment <br />Securities, Inc., in the form of a certified or cashier's check or wire transfer as instructed by Juran <br />& Moody, a division of Miller Johnson Steichen Kinnard Investment Securities, Inc., not later <br />than 3 :30 P.M., Central Time, on the next business day following the award. If such Deposit is <br />not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the <br />Deposit requirement. The City will deposit the check of the purchaser, the amount of which will <br />be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser <br />fails to comply with the accepted proposal, said amount will be retained by the City. No <br />proposal can be withdrawn or amended after the time set for receiving proposals unless the <br />meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to <br />another date without award of the Bonds having been made. Rates will be in integral multiples <br />of 5/1 00 or 118 of 1 %. Bonds of the same maturity will bear a single rate from the date of the <br />Bonds to the date of maturity. No conditional proposals will be accepted. <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br />f sf Teresa Bender <br />City Clerk <br /> <br />Dated: August 28, 2002. <br /> <br />Sffi-219027vl <br />CE155.19 <br />
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