Res. #09-022 - G.O Improvement Crossover Refunding Bonds

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Each proposal must be accompanied by a good faith deposit (the "Deposit") in the amount of $49,500 in the form of a certified or cashier's check (payable to the order of the City), a financial surety bond or a wire transfer to be forfeited as liquidated damages if proposal maker fails to comply with accepted proposal. If a wire transfer is used, bidders are required to notify Northland Securities prior to the time of sale that they will be wiring the Deposit, and must provide the following information via e-mail toctebbitt@northlandsecurities.com: 1. Fed reference number and time out. 2. Return wire instructions, for returning the Deposit if the bid was unsuccessful. Wire Instructions for the Deposit are as follows: Bank Name: Wells Fargo Bank, N.A. City, State: San Francisco, CA Wire routing transit number (RTN): 121000248 For Further Credit to: Northland Securities, Inc., Bond Escrow Account Beneficiary Account Number CBNF): 346-9563161 Reference: Name of Sender and Issuer Name and Series If a fmancial surety bond is used, it must be from an insurance company licensed to issue such a bond in the State of Minnesota, and preapproved by the City. Such bond must be submitted to Northland Securities, Inc. prior to the opening of the proposals. The financial surety bond must identify each proposal maker whose Deposit is guaranteed by such financial surety bond. If the Bonds are awarded to a proposal maker using a fmancial surety bond, that proposal maker is required to submit its Deposit to Northland Securities, Inc. in the form of a certified or cashier's check, or a wire transfer as instructed by Northland Securities, Inc. to be received not later than 3 :30 P.M., Central Time, on the next business day following the award. If such Deposit is not received by that time, the financial surety bond may be drawn by the City to satisfy the Deposit requirement. III the event the successful bidder fails to comply with the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn after the time set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. AWARD: The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. In the event of a tie, the sale of the Bonds will be awarded by lot. The City will reserve the right to: (i) waive non- substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and (iii) reject any proposal which the City determines to have failed to comply with the terms herein.