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Last modified
12/2/2011 11:57:17 AM
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12/2/2011 11:56:15 AM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
11/21/2011
Resolution #
10948
Resolution Title
RESOLUTION AMENDING ITS RESOLUTION DATED OCTOBER 24, 2011 WHICH PROVIDED FOR THE COMPETITIVE NEGOTIATED SALE OF $10,000,000 GENERAL OBLIGATION BONDS, SERIES 2011A
Resolution Date Passed
11/21/2011
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Any Deposit sent via wire transfer should be sent to Springsted Incorporated as the City's agent <br /> according to the following instructions: <br /> Wells Fargo Bank,N.A., San Francisco, CA 94104 <br /> ABA#121000248 <br /> for credit to Springsted Incorporated, Account#635-5007954 <br /> Ref: Roseville, MN Series 2011A Good Faith Deposit <br /> Contemporaneously with such wire transfer, the bidder shall send an e-mail to <br /> bond services @springsted.com, including the following information; (i) indication that a wire <br /> transfer has been made, (ii) the amount of the wire transfer, (iii)the issue to which it applies, and <br /> (iv)the return wire instructions if such bidder is not awarded the Bonds. <br /> Any Deposit made by the successful bidder by check or wire transfer will be delivered to the <br /> City following the award of the Bonds. Any Deposit made by check or wire transfer by an <br /> unsuccessful bidder will be returned to such bidder following City action relative to an award of <br /> the Bonds. <br /> If a Financial Surety Bond is used, it must be from an insurance company licensed to issue such <br /> a bond in the State of Minnesota and pre-approved by the City. Such bond must be submitted to <br /> Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must <br /> identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the <br /> Bonds are awarded to an underwriter using a Financial Surety Bond, then that underwriter is <br /> required to submit its Deposit to the City in the form of a certified or cashier's check or wire <br /> transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central Time on the <br /> next business day following the award. If such Deposit is not received by that time,the <br /> Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. <br /> The Deposit received from the purchaser, the amount of which will be deducted at settlement, <br /> will be deposited by the City and no interest will accrue to the purchaser. In the event the <br /> purchaser fails to comply with the accepted proposal, said amount will be retained by the City. <br /> AWARD <br /> The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true <br /> interest cost(TIC)basis. The City's computation of the interest rate of each proposal, in <br /> accordance with customary practice, will be controlling. <br /> The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of <br /> matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals <br /> without cause, and(iii) reject any proposal that the City determines to have failed to comply with <br /> the terms herein. <br /> BOND INSURANCE AT PURCHASER'S OPTION <br /> If the Bonds qualify for issuance of any policy of municipal bond insurance or commitment <br /> therefor at the option of the underwriter,the purchase of any such insurance policy or the <br /> issuance of any such commitment shall be at the sole option and expense of the purchaser of the <br /> Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of insurance <br /> A-4 <br /> 4371132v1 <br />
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