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of the Deposit. If the Deposit is not received by the specified time, the City may, at its sole <br />discretion, reject the proposal of the lowest bidder, direct the second lowest bidder to submit a <br />Deposit, and thereafter award the sale to such bidder. <br />Certified or Cashier's Check. A Deposit made by certified or cashier's check will be considered <br />timely delivered to the City if it is made payable to the City and delivered to Springsted <br />Incorporated, 380 Jackson Street, Suite 300, St. Paul, Minnesota 55101 by the specified time. <br />Wire Transfer. A Deposit made by wire will be considered timely delivered to the City upon <br />submission of a federal wire reference number by the specified time. Wire transfer instructions <br />will be available from Springsted Incorporated following the receipt and tabulation of proposals. <br />The successful bidder must send an e-mail including the following information: (i) the federal <br />reference number and time released; (ii) the amount of the wire transfer; and (iii) the issue to <br />which it applies. <br />Once an award has been made, the Deposit received from the lowest bidder (the "purchaser") <br />will be retained by the City and no interest will accrue to the purchaser. The amount of the <br />Deposit will be deducted at settlement from the purchase price. In the event the purchaser fails <br />to comply with the accepted proposal, said amount will be retained by the City. <br />AWARD <br />The Series 2016B Bonds will be awarded on the basis of the lowest interest rate to be determined <br />on a true interest cost (TIC) basis calculated on the proposal prior to any adjustment made by the <br />City. The City's computation of the interest rate of each proposal, in accordance with customary <br />practice, will be controlling. <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 Series 2016B Bonds, (ii) reject all <br />proposals without cause, and (iii) reject any proposal that the City determines to have failed to <br />comply with the terms herein. <br />BOND INSURANCE AT PURCHASER'S OPTION <br />The City has not applied for or pre -approved a commitment for any policy of municipal bond <br />insurance with respect to the Series 2016B Bonds. If the Series 2016B Bonds qualify for <br />municipal bond insurance and a bidder desires to purchase a policy, such indication, the <br />maturities to be insured, and the name of the desired insurer must be set forth on the bidder's <br />proposal. The City specifically reserves the right to reject any bid specifying municipal bond <br />insurance, even though such bid may result in the lowest TIC to the City. All costs associated <br />with the issuance and administration of such policy and associated ratings and expenses (other <br />than any independent rating requested by the City) shall be paid by the successful bidder. <br />Failure of the municipal bond insurer to issue the policy after the award of the <br />Series 2016B Bonds shall not constitute cause for failure or refusal by the successful bidder to <br />accept delivery of the Series 2016B Bonds. <br />A-4 <br />