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Last modified
7/17/2007 8:36:15 AM
Creation date
12/2/2004 8:35:49 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9019
Resolution Title
Providing for issuance and sale of $8,640,000 General Obligation Refunding Improvement Bonds, Series 1994
Resolution Date Passed
12/13/1993
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<br />The check of the Purchaser will be retained by the City as liquidated damages in the <br />event the Purchaser fails to comply with the accepted bid. The City will deposit the <br />check of the Purchaser, the amount of which will be deducted at settlement. No bid <br />may be withdrawn after the time set for opening bids, unless the meeting of the City <br />scheduled for consideration of the bids is adjourned, recessed, or continued to <br />another date without award of the Bonds having been made. <br /> <br />TPie of Bid. Rates offered by Bidders must be in integral multiples of 5/100 <br />or 1/8 0 1%. No limitation is placed upon the number of rates which may be used. <br />All Bonds of the same maturity must bear a single uniform rate from date of issue to <br />maturity and no rate of any maturity may be lower than the highest rate applicable <br />to Bonds of any preceding maturities. No conditional bids will be considered. Bids <br />for the Bonds are to be addressed to: <br /> <br />Edward L. Burrell <br />City Finance Director <br />Roseville City Hall <br />2660 Civic Center Drive <br />Roseville, MN 55113 <br /> <br />QUALIFIED TAX-EXEMPT OBLIGATIONS <br /> <br />The City will designate the Bonds as qualified tax-exempt obligations for <br />purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. <br /> <br />AWARD <br /> <br />The Bonds will be awarded to the Bidder offering the lowest true interest <br />cost. True interest cost shall be determined for each bid by doubling the semi- <br />annual interest rate compounded semi-annually necessary to discount the debt <br />service payments from the payments from the payment dates to February 10, 1994 <br />and to the price bid. The City's computation of the true interest cost of each bid, <br />in accordance with customary practice, will be controlling. <br /> <br />The City will reserve the right to: (i) waive non-substantive informalities of <br />any bid or of matters relating to the receipt of bids and award of the Bonds, (ü) <br />reject all bids without cause, and (ill) reject any bid which the City determines to <br />have failed to comply with the terms herein. <br /> <br />SETTLEMENT AND DELIVERY <br /> <br />Delivery Payment and Ownership of the Bonds. Within 40 days foUowing the <br />date of award ot the Bonds, the Global Certificates will be delivered without cost to <br />the Purchaser at a price mutuaUy satisfactory to the City and the Purchaser. On the <br />date of settlement payment for the Bonds will be made in federal, or equivalent funds <br />which must be received at the offices of the City or its designee not later than 1: 00 <br />p.m., Central Time of the day of settlement. Except as compliance with the terms <br />of payment for the Bonds may have been made impossible by action of the City, or <br />its agents, the Purchaser will be liable to the City for any loss suffered by the City <br />by reason of the Purchaser's non-compliance with said terms for payment. The <br />successful bidder, as a condition of delivery of the Bonds, will be required to <br />deposit the Global Certificates with the Depository, which will deposit the Global <br />Certificates at the main office of the Fourth U. S. Federal Reserve District Bank for <br />safekeeping. <br /> <br />DJJt61265 <br />JUl200-13 <br /> <br />5 <br />
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