4.1. SR 11-09-1998 - Laserfiche WebLink

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registered in the name of Cede & Co. as nominee of The Depository Trust Company CDTC"), New York, New York, which will act as securities dei~ository of the Bonds. Indivldual purchases of the Bonds may be made In the principal amount of $5,000 or any multiple thereof of a single maturity through book entr~es made on the books and records of DTC and its participants. Principal and interest are payable by the registrar to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The purchaser, as a condition of delivery of the Bo~ds, will be required to deposit the Bonds with DTC. REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for the services of the registrar. The City will pay for the services of the registrar. OPTIONAL REDEMPTION The City may elect on February 1, 2006, and on any day thereafter, to prepay Bonds due on or after February 1, 2007. Redemption may be in whole or in part and if in part at the option o1: the City and in such manner as the City shall determine. If less than all Bonds of a maturity are called for redemption, the City will notify DTC of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participant's Interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. All prepayments shall be at a pdce of par plus accrued interest. SECURI'I'YANDPURPOSE The Bonds will be general obligations of the Ci~y for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes, In addition the City will pledge special assessments against benefrted property. The proceeds will be used to finance various improvements within the City. TYPE OF PROPOSALS Proposals shall be for not less than $1,359,875 and accrued interest on the total principal amount of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposlt") In the form of a certified or cashier's check or a Financial Surety Bond in the amount of $13,750, payable to the order of the City. If a check is used, It must accompany each proposal, if a Financial Surety Bond is used, it must be from an insurance company licensed to issue such a bond In the State of Minnesota, and preapproved by the City. Such bond must be submitted to Springsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwrfter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Spdngsted Incorporated in the form of a codified or cashier's check or wire transfer as instructed by Spdngsted Incorporated not later than 3:30 P,M,, Central Time, on the next business 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 requirement, The City will deposit the check of the purchaser, the amount of which will be deducted at settlement and no interest will accrue to the purchaser. In the event the purchaser fails to comply with the accepted proposal, said amount will be retained by the City, NO proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled 1'or award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made, Rates shall be in integral multiples of 5/100 or 1/8 of 1%, Rates must be In ascending order. Bonds of the same maturity shall bear a single -ii-