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<br />BANK QUALIFIED <br />TAX-EXEMPT OBLlGA nONS: <br /> <br />The Issuer will designate the Bonds as qualified tax exempt obligations <br />for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, <br />as amended. <br /> <br />BOND INSURANCE AT <br />PURCHASER'S OPTION: <br /> <br />If the Bonds qualifY for issuance of any policy of municipal bond <br />insurance or commitment therefore at the option of the Underwriter, the <br />purchase of any such insurance policy or the issuance of any such <br />commitment shall be at the sole option and expense of the purchaser of the <br />Bonds. Any increase costs of issuance of the Bonds resulting from such <br />purchase of insurance shall be paid by the Purchaser, except that, if the <br />City has requested and received a rating on the Bonds from a rating <br />agency, the City will pay that rating fee. Any other rating agency fees <br />shall be the responsibility of the Purchaser. Failure of the municipal bond <br />insurer to issue the policy after the Bonds have been awarded to the <br />purchaser shall not constitute cause for failure or refusal by the purchaser <br />to accept delivery on the Bonds. <br /> <br />The Issuer reserves the right to reject any and all proposals, to waive informalities and to adjourn the sale. <br /> <br />Dated: February II, 2004. <br /> <br />BY ORDER OF THE CITY COUNCIL <br />/s/ Kim Moore-Svkes <br />City Administrator <br /> <br />Additional information may be obtained from: <br />Northland Securities, Inc. <br />45 South Seventh Street <br />Suite 2500 <br />Minneapolis, Minnesota 55402 <br />Telephone No.: 612- 851-5900 <br /> <br />-7- <br />