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CC_Minutes_2004_0209
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CC_Minutes_2004_0209
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7/17/2007 9:27:09 AM
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7/13/2005 4:13:53 PM
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Roseville City Council
Document Type
Council Minutes
Meeting Date
2/9/2004
Meeting Type
Regular
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<br />another date without award of the Bonds having been made. Rates shall be in integral multiples <br />of 5/100 or 1/8 of 1 %. Rates must be in level or ascending order. Bonds of the same maturity <br />shall bear a single rate from the date of the Bonds to the date of maturity. No conditional <br />proposals will be accepted. <br /> <br />AWARD <br /> <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 /> <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 /> <br />BOND INSURANCE AT PURCHASER'S OPTION <br /> <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 <br />the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of <br />insurance shall be paid by the purchaser, except that, if the City has requested and received a <br />rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating <br />agency fees shall be the responsibility of the purchaser. <br /> <br />Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the <br />purchaser shall not constitute cause for failure or refusal by the purchaser to accept delivery on <br />the Bonds. <br /> <br />CUSIP NUMBERS <br /> <br />If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the <br />Bonds, but neither the failure to print such numbers on any Bond nor any error with respect <br />thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the <br />Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers <br />shall be paid by the purchaser. <br /> <br />SETTLEMENT <br /> <br />Within 40 days following the date of their award, the Bonds will be delivered without cost to the <br />purchaser through DTC in New York, New York. Delivery will be subject to receipt by the <br />purchaser of an approving legal opinion of Briggs and Morgan, Professional Association, of <br />Saint Paul and Minneapolis, Minnesota, and of customary closing papers, including a no- <br />litigation certificate. On the date of settlement, payment for the Bonds shall be made in federal, <br />or equivalent, funds that shall be received at the offices of the City or its designee not later than <br />12:00 Noon, Central Time. Unless compliance with the terms of payment for the Bonds has <br />been made impossible by action of the City, or its agents, the purchaser shall be liable to the <br />City for any loss suffered by the City by reason of the purchaser's non-compliance with said <br />terms for payment. <br /> <br />-lll- <br />
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