2011_1024_packet - Laserfiche WebLink

Home

If a Financial Surety Bond is ulsed, it mulct be from an in�sulran�ce company licensed to issule such a bond in the State of Minnesota and pre-approved by the City. Such bond mulct be sulbm�itted to Sprin�gsted Incorporated prior to the opening of the proposals. The Financial Surety Bond mulct identify each uln�derwriter whose Deposit is gularan�teed by such Financial Surety Bond. If the Bonds are awarded to an uln�derwriter ulsin�g a Financial Surety Bond, then that uln�derwriter is requlired to sulbm�it its Deposit to the City in the form of a certified or cashier's check or wire transfer as in�strulcted by Sprin�gsted Incorporated not later than 3,:3,0 P.M., Central Time on the next bulsin�ess 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 requlirem�en�t. The Deposit received from the pulrch�aser, the am�ouln�t of which will be dedulcted at settlement, will be deposited by the City and no interest will accrule to the pulrch�aser. In the event the pulrch�aser fails to comply with the accepted proposal, said am�ouln�t will be retained by the City. r" m1VIV, I MIR-H The Bonds will be awarded on the basis of the lowest interest rate to be determined on a trine interest cost (TIC) basis. The City's computation of the interest rate of each proposal, in accordance with custornary practice, will be controlling. The City will reserve the right to: (i) waive non�-sulbstan�tive informalities of any proposal or of matters relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals with�oult caulse, and (iii) reject any proposal that the City determines to have failed to comply with the terms herein. If the Bonds qualify for issulan�ce of any policy of m�uln�icipal bond in�sulran�ce or commitment therefor at the option of the uln�derwriter, the purr hale of any such in�sulran�ce policy or the issulan�ce of any such commitment shall be at the sole option and expense of the pulrch�aser of the Bonds. Any increased costs of issulan�ce of the Bonds resulltin�g from such pulrch�ase of in�sulran�ce shall be paid by the pulrch�aser, except that, if the City has requlested and received a rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating agency fees shall be the responsibility of the purr haler. Failure of the m�uln�icipal bond in�sulrer to issule the policy after Bonds have been awarded to the purr haler shall not con�stitulte caulse for failure or refusal by the pulrch�aser to accept delivery on the Bonds. CUSIP N�UMBERS If the Bonds qualify for assignment of CUSIP n�ulm�bers such n�ulm�bers will be printed on the Bonds, but neither the failure to print such n�ulm�bers on any Bond nor any error with respect thereto will con�stitulte caulse for failure or refusal by the pulrch�aser to accept delivery of the Bonds. The CUSIP Service Bulreaul charge for the assignment of CUSIP identification n�ulm�bers shall be paid by the pulrch�aser. SETTLEMENT Within 4,0 days following the date of their award, the Bonds will be delivered with�oult cost to the pulrch�aser through DTC in New York, New York. Delivery will be subject to receipt by the pulrch�aser of an approving legal opinion of Briggs and (Morgan, Professional Association, of Saint Paull and Minneapolis, Minnesota, and of customary closing papers, in�cluldin�g a no- litigation certificate. On the date of settlement, payment for the Bonds shall be made in federal, or equlivalen�t, fuln�ds that shall be received at the offices of the City or its designee not later than 12:00 Noon, Central Time. Unless compliance with the terms of payment for the Bonds has SNOW=