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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />Registrar <br /> <br />The City will name the Registrar which will be subject to applicable SEC regulations. <br />Principal will be payable at the principal office of the Registrar and interest will be payable by <br />check or draft of the Registrar mailed to the registered holder of a bond. The City will pay the <br />reasonable and customary charges for the services of the Registrar. <br /> <br />CUSIP Numbers <br /> <br />The City assumes no obligation for the assignment or printing of CUSIP numbers on the <br />bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be <br />assigned and printed at the expense of the purchaser, if the purchaser waives any extension of the <br />time of delivery caused thereby. <br /> <br />Award <br /> <br />The Bonds will be awarded on the basis of the lowest interest rate to be determined on a <br />net interest cost (NIC) basis. The City's computation of the interest rate of each proposal, in <br />accordance with customary practice, will be controlling. <br /> <br />The City will reserve the right to: (i) waive non-substantive informalities of any proposal <br />or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals <br />without cause, and, (iii) reject any proposal which the City determines to have failed to comply <br />with the terms herein. <br /> <br />Deliverv <br /> <br />Within 40 days after sale, the City will furnish and deliver to the office of the purchaser <br />or, at its option, will deposit with a bank in the United States selected by it and approved by the <br />City as its agent to permit examination by and to deliver to the purchaser, the printed and <br />executed bonds, the unqualified opinion thereon of bond counsel, and a certificate stating that no <br />litigation in any manner questioning their validity is then threatened or pending. The charge of <br />the delivery agent must be paid by the purchaser but all other costs will be paid by the City. The <br />purchase price must be paid upon delivery of the bonds in funds available for expenditure by the <br />City on the day of payment. <br /> <br />Legal Opinion <br /> <br />An unqualified legal opinion on the bonds will be furnished by Kennedy & Graven, <br />Chartered, Minneapolis, Minnesota. The legal opinion will be printed on the bonds at the request <br />of the purchaser. The legal opinion will state that the bonds are valid and binding general <br />obligations of the City payable primarily from special assessments against benefited properties <br />and that the City is required by law to levy taxes for the principal and interest thereon as the <br />same become due without limit as to rate or amount. <br /> <br />I <br /> <br />SJB.219027vl <br />CEJ55.J9 <br /> <br />-6- <br />
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