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<br />DELIVERY: <br /> <br />Forty days after award subject to approving legal opinion <br />of Kennedy & Graven, Chartered, of Minneapolis, <br />Minnesota. Legal opinion will be paid by the Issuer and <br />delivery will be anywhere in the continental United States <br />without cost to the Purchaser at DTC. <br /> <br />TYPE OF PROPOSAL: <br /> <br />Sealed proposals of not less than $2,506,825 and accrued <br />interest on the principal sum of $2,545,000 from date of <br />original issue of the bonds to date of delivery must be filed <br />with the undersigned prior to the time of sale. Proposals <br />must be unconditional except as to legality. A certified or <br />cashier's check (the "Deposit") in the amount of $50,900, <br />payable to the order of the Administrator of the Issuer, or a <br />Financial Surety Bond complying with the provisions <br />below, must accompany each proposal, to be forfeited as <br />liquidated damages if proposal maker fails to comply with <br />accepted proposal. Proposals for the bonds should be <br />delivered to Northland and addressed to: <br /> <br />Teresa Bender, Clerk <br />Centerville City Hall <br />1880 Main Street <br />Centerville, Minnesota 55386-0036 <br /> <br />If a Financial Surety Bond is used, it must be from an <br />insurance company licensed to issue such a bond in the <br />State of Minnesota, and pre-approved 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 Northland 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 /> <br />SJB.243201vl <br />CEISS-21 <br />