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BIDDING PARAMETERS <br />Proposals shall be for not less than $1,099,475 and accrued interest on the total principal <br />amount of the Bonds. <br />No proposal can be withdrawn or amended after the time set for receiving proposals unless the <br />meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to <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 are not required to be in level or ascending order; however, the <br />rate for any maturity cannot be more than 1 % lower than the highest rate of any of the <br />preceding maturities. Bonds of the same maturity shall bear a single rate from the date of the <br />Bonds to the date of maturity. No conditional proposals will be accepted. <br />GOOD FAITH DEPOSIT <br />Proposals, regardless of method of submission, shall be accompanied by a Deposit in the <br />amount of $11,050, in the form of a certified or cashier's check, a wire transfer, or Financial <br />Surety Bond and delivered to Springsted Incorporated prior to the time proposals will be <br />opened. Each bidder shall be solely responsible for the timely delivery of their Deposit whether <br />by check, wire transfer or Financial Surety Bond. Neither the City nor Springsted Incorporated <br />have any liability for delays in the transmission of the Deposit. <br />Any Deposit made by certified or cashier's check should be made payable to the City and <br />delivered to Springsted Incorporated, 380 Jackson Street, Suite 300, St. Paul, Minnesota <br />55101. <br />Any Deposit sent via wire transfer should be sent to Springsted Incorporated as the City's <br />agent 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 />Contemporaneously with such wire transfer, the bidder shall send an a-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, <br />and (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 City <br />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 <br />such a bond in the State of Minnesota and pre-approved by the City. Such bond must be <br />submitted to Springsted Incorporated prior to the opening of the proposals. The Financial <br />Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial <br />Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then <br />that underwriter is required to submit its Deposit to the City in the form of a certified or cashier's <br />check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central <br />Time on the next business day following the award. If such Deposit is not received by that time, <br />the 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 />