5.1. ERMUSR 06-14-2016 - Laserfiche WebLink

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THE CITY AND THE COMMISSION HAVE AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON THEIR BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: TERMS OF PROPOSAL $10,000,000* CITY OF ELK RIVER,MINNESOTA ELECTRIC REVENUE BONDS, SERIES 2016A (BOOK ENTRY ONLY) Proposals for the Series 2016A Bonds will be received on Tuesday, June 14, 2016, until 10:00 A.M., Central Time, at the offices of Springsted Incorporated, 380 Jackson Street, Suite 300, Saint Paul, Minnesota, after which time proposals will be opened and tabulated. Consideration for award of the Series 2016A Bonds will be by the Elk River Municipal Utilities Commission(the"Commission")at 3:30 P.M.,Central Time,of the same day. SUBMISSION OF PROPOSALS Springsted will assume no liability for the inability of the bidder to reach Springsted prior to the time of sale specified above. All bidders are advised that each proposal shall be deemed to constitute a contract between the bidder, the City of Elk River, Minnesota (the "City"), and the Commission to purchase the Series 2016A Bonds regardless of the manner in which the proposal is submitted. (a) Sealed Bidding Proposals may be submitted in a sealed envelope or by fax (651)223-3046 to Springsted. Signed proposals,without final price or coupons, may be submitted to Springsted prior to the time of sale. The bidder shall be responsible for submitting to Springsted the final proposal price and coupons,by telephone(651)223-3000 or fax(651)223-3046 for inclusion in the submitted proposal. OR (b) Electronic Bidding Notice is hereby given that electronic proposals will be received via PARITY®. For purposes of the electronic bidding process, the time as maintained by PARITY® shall constitute the official time with respect to all proposals submitted to PARITY®. Each bidder shall be solely responsible for making necessary arrangements to access PARITY®for purposes of submitting its electronic proposal in a timely manner and in compliance with the requirements of the Terms of Proposal. Neither the City, the Commission, its agents nor PARITY® shall have any duty or Series 2016A Bond to undertake registration to bid for any prospective bidder or to provide or ensure electronic access to any qualified prospective bidder, and neither the City, the Commission, its agents nor PARITY® shall be responsible for a bidder's failure to register to bid or for any failure in the proper operation of,or have any liability for any delays or interruptions of or any damages caused by the services of PARITY®. The City is using the services of PARITY® solely as a communication mechanism to conduct the electronic bidding for the Series 2016A Bonds,and PARITY®is not an agent of the City or the Commission. If any provisions of this Terms of Proposal conflict with information provided by PARITY®, this Terms of Proposal shall control. Further information about PARITY®, including any fee charged, may be obtained from: PARITY®, 1359 Broadway,2❑d Floor,New York,New York 10018 Customer Support: (212) 849-5000 * Preliminary;subject to change. 110