2.0. ERMUSR 08-29-2018 - Laserfiche WebLink

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policy and associated ratings and expenses (other than any independent rating requested by the City) shall be paid by the successful bidder. Failure of the municipal bond insurer to issue the policy after the award of the Bonds shall not constitute cause for failure or refusal by the successful bidder to accept delivery of the Bonds. CUSIP NUMBERS If he Bonds qualify for the assignment of CUSIP numbers such numbers will be printed on the Bonds; ho ever, neither the failure to print such numbers on any Bond nor any error with respect thereto will co stitute cause for failure or refusal by the Purchaser to accept delivery of the Bonds. Springsted will ap.ly for CUSIP numbers pursuant to Rule G-34 implemented by the Municipal Securities Rulemaking Board. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be pa d by the Purchaser. SETTLEMENT O or about September 26, 2018, the Bonds will be delivered without cost to the Purchaser through DTC in New York, New York. Delivery will be subject to receipt by the Purchaser of an approving legal op nion of Kennedy & Graven, Chartered of Minneapolis, Minnesota, and of customary closing papers, in luding a no-litigation certificate. On the date of settlement, payment for the Bonds shall be made in federal, or equivalent, funds that shall be received at the offices of the City or its designee not later than 12 00 Noon, Central Time. Unless compliance with the terms of payment for the Bonds has been made im ossible by action of the City, or its agents, the Purchaser shall be liable to the City for any loss su fered by the City by reason of the Purchaser's non-compliance with said terms for payment. CONTINUING DISCLOSURE In accordance with SEC Rule 15c2-12(b)(5), the City and the Commission will undertake, pursuant to the resolution awarding sale of the Bonds, to provide annual reports and notices of certain events. A de.cription of this undertaking is set forth in the Official Statement. The Purchaser's obligation to p chase the Bonds will be conditioned upon receiving evidence of this undertaking at or prior to delivery of he Bonds. OFFICIAL STATEMENT T e City and the Commission has authorized the preparation of a Preliminary Official Statement co taming pertinent information relative to the Bonds, and said Preliminary Official Statement has been de-med final by the City and the Commission as of the date thereof within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For copies of the Preliminary Official Statement or for any ad.itional information prior to sale, any prospective purchaser is referred to the Municipal Advisor to the Ci and the Commission, Springsted Incorporated, 380 Jackson Street, Suite 300, Saint Paul, Minnesota 55101,telephone(651)223-3000. A Final Official Statement (as that term is defined in Rule 15c2-12) will be prepared, specifying the maturity dates, principal amounts, and interest rates of the Bonds, together with any other information re•uired by law. By awarding the Bonds to the Purchaser, the Commission agrees that, no more than se en business days after the date of such award, it shall provide without cost to the Purchaser up to 25 copies of the Final Official Statement. The Commission designates the Purchaser as its agent for p I loses of distributing copies of the Final Official Statement to each syndicate member, if applicable. T e Purchaser agrees that if its proposal is accepted by the Commission, (i) it shall accept designation and (iil it shall enter into a contractual relationship with its syndicate members for purposes of assuring the rei eipt of the Final Official Statement by each such syndicate member. D.ted July 10, 2018 BY ORDER OF THE ELK RIVER MUNICIPAL UTILITIES COMMISSION /s/Theresa Slominski Finance and Office Manager - v- 9