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<br />BANKQUALIFIED <br />TAX-EXEMPT OBUGATIONS: <br /> <br />BOND INSURANCE AT <br />PURCHASER'S OPTION: <br /> <br />The Issuer will designate the bonds as qualified tax <br />exempt obligations for purposes of Section 265(b)(3) of the <br />Internal Revenue Code of 1986, as amended. <br /> <br />If the Bonds qualify for issuance of any policy of municipal <br />bond insurance or commitment therefore at the option of <br />the Underwriter, the purchase of any such insurance policy <br />or the issuance of any such commitment shall be at the sole <br />option and expense of the purchaser of the Bonds. Any <br />increase costs of issuance of the Bonds resulting from such <br />purchase of insurance shall be paid by the Purchaser, <br />except that, if the City has requested and received a rating <br />on the Bonds from a rating agency, the City will pay that <br />rating fee. Any other rating agency fees shall be the <br />responsibility of the Purchaser. Failure of the municipal <br />bond insurer to issue the policy after the Bonds have been <br />awarded to the purchaser shall not constitute cause for <br />failure or refusal by the purchaser to accept delivery on the <br />Bonds. <br /> <br />The Issuer reserves the right to reject any and all proposals, to waive informalities and to adjourn <br />the sale. <br /> <br />Dated: April 14, 2004. <br /> <br />BY ORDER OF THE CITY COUNCIL <br /> <br />Is! Kim Moore-Sykes <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 />SJB-243201vl <br />CElSS-21 <br />