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<br />State of Minnesota, and preapproved by the Issuer. Such <br />bond must be submitted to Northland, prior to the opening <br />of the proposals. The Financial Surety Bond must identify <br />each proposal maker whose Deposit is guaranteed by such <br />Financial Surety Bond. If the bonds are awarded to a <br />proposal maker using a Financial Surety Bond, then that <br />purchaser is required to submit its Deposit to Northland in <br />the form of a certified or cashier's check or wire transfer as <br />instructed by NortWand not later than 3:30 P.M., Central <br />Time, on the next business day following the award. If <br />such Deposit is not received by that time, the Financial <br />Surety Bond may be drawn by the Issuer to satisfy the <br />Deposit requirement. The Issuer will deposit the check of <br />the purchaser, the amount of which will be deducted at <br />settlement and no interest will accrue to the purchaser. In <br />the event the purchaser fails to comply with the accepted <br />proposal, said amount will be retained by the Issuer. No <br />proposal can be withdrawn after the time set for receiving <br />proposals unless the meeting of the Issuer scheduled for <br />award of the bonds is adjourned, recessed, or continued to <br />another date without award of the bonds having been made. <br /> <br />AWARD: <br /> <br />The Bonds will be awarded on the basis of the lowest <br />interest rate to be determined on a true interest cost(TIC) <br />basis. The Issuer's computation of the interest rate of each <br />proposal, in accordance with customary practice, will be <br />controlling. In the event of a tie, the sale of the Bonds will <br />be awarded by lot. The Issuer will reserve the right to: (i) <br />waive non-substantive informalities of any proposal or of <br />matters relating to the receipt of proposals and award of the <br />Bonds, (ii) reject all proposals without cause, and (iii) <br />reject any proposal which the Issuer determines to have <br />failed to comply with the terms herein. <br /> <br />RATES: <br /> <br />AIl rates must be in integral multiples of J/20th or J/8th of <br />I %. No limitation is placed upon the number of rates <br />which may be used. All bonds of the same maturity must <br />bear a single uniform rate from date of issue to maturity. <br /> <br />INFORMATION FROM <br />PURCHASER: <br /> <br />The successful purchaser will be required to provide, <br />in a timely manner, certain information relating to the <br />initial offering price of the bonds necessary to compute the <br />yield on the bonds pursuant to the provisions of the Internal <br />Revenue Code of 1986, as amended. <br /> <br />S18-24343Ivl <br />CEISS-22 <br />