ERMU RES 16-5 - Laserfiche WebLink

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Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single maturity through book entries 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 Series 2016B 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 Series 2016B Bonds, will be required to deposit the Series 2016B 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. OPTIONAL REDEMPTION The Series 2016B Bonds will not be subject to payment in advance of their respective stated maturity dates. SECURITY AND PURPOSE The Series 2016B 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 will be used to refund the February 1, 2017 through February 1, 2022 maturities of the City's Electric Revenue Bonds, Series 2007A, dated March 28, 2007. BIDDING PARAMETERS Proposals shall be for not less than $1,449,780 plus accrued interest, if any, on the total principal amount of the Series 2016B Bonds. No proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled for award of the Series 2016B Bonds is adjourned, recessed, or continued to another date without award of the Series 2016B 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 2016B Bonds of the same maturity shall bear a single rate from the date of the Series 2016B 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 $14,600 (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 A-3 478975v1 JSB EL185-42