5.1. ERMUSR 06-14-2016 - Laserfiche WebLink

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SECURITY AND PURPOSE The Series 2016A Bonds will be special obligations of the City payable solely from net revenues of the electric system of the Commission and shall not constitute a debt for which the full faith and credit or taxing powers of the City will be pledged. The proceeds of the Series 2016A Bonds will be used to finance a portion of the cost of the acquisition of the Commission's membership interest in the Minnesota Municipal Power Agency(MMPA). BIDDING PARAMETERS Proposals shall be for not less than $9,870,000 plus accrued interest, if any, on the total principal amount of the Series 2016A Bonds. No proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the Commission scheduled for award of the Series 2016A Bonds is adjourned, recessed, or continued to another date without award of the Series 2016A Bonds having been made. Rates shall be in integral multiples of 1/100 or 1/8 of 1%. The initial price to the public for each maturity must be 98.0%or greater. Series 2016A Bonds of the same maturity shall bear a single rate from the date of the Series 2016A Bonds to the date of maturity. No conditional proposals will be accepted. GOOD FAITH DEPOSIT To have its proposal considered for award,the lowest bidder is required to submit a good faith deposit to the City in the amount of$100,000 (the "Deposit") no later than 1:00 P.M., Central Time on the day of sale. The Deposit may be delivered as described herein in the form of either (i) a certified or cashier's check payable to the City; or (ii) a wire transfer. The lowest bidder shall be solely responsible for the timely delivery of their Deposit whether by check or wire transfer. Neither the City nor Springsted Incorporated have any liability for delays in the receipt of the Deposit. If the Deposit is not received by the specified time,the City may,at its sole discretion,reject the proposal of the lowest bidder, direct the second lowest bidder to submit a Deposit,and thereafter award the sale to such bidder. Certified or Cashier's Check. A Deposit made by certified or cashier's check will be considered timely delivered to the City if it is made payable to the City and delivered to Springsted Incorporated, 380 Jackson Street, Suite 300, St.Paul,Minnesota 55101 by the specified time. Wire Transfer. A Deposit made by wire will be considered timely delivered to the City upon submission of a federal wire reference number by the specified time. Wire transfer instructions will be available from Springsted Incorporated following the receipt and tabulation of proposals. The successful bidder must send an e-mail including the following information: (i) the federal reference number and time released; (ii)the amount of the wire transfer; and(iii)the issue to which it applies. Once an award has been made, the Deposit received from the lowest bidder (the "purchaser") will be retained by the City and no interest will accrue to the purchaser. The amount of the Deposit will be deducted at settlement from the purchase price. In the event the purchaser fails to comply with the accepted proposal,said amount will be retained by the City. AWARD The Series 2016A Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis calculated on the proposal prior to any adjustment made by the City or the Commission. The Commission's computation of the interest rate of each proposal, in accordance with customary practice,will be controlling. The Commission will reserve the right to: (i)waive non-substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Series 2016A Bonds, (ii)reject all proposals without cause, and(iii)reject any proposal that the Commission determines to have failed to comply with the terms herein. -iii- 112