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. . . the form of a certified or cashier's check or a Financial Surety Bond In the amount of $35,250, payable to the order of the City. tf a check is used, i1 must accompany each proposal. If a FinancIal Surety Bond is used, It must be trom an insurance company Ijcensed to issue such a bond In the State of Minnesota, and preapproved by the City. . Such bond must be submitted to Sprlngsted Incorporated prior to the opening of the proposals. The Financial Surety Bond must identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the Bonds are awarded to an underwriter using a Financial Surety Bond, then that purchaser is required to submit its Deposit to Springsted Jncorporated in the torm of a certified or cashier's cheCk or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central TIme, on the next business day following the award. If such Deposit is not received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement The City Will deposit the check of the purchaser, the amount of which will be deducted at settlement and no Interest will accrue to the purchaser. In the event the purchaser falls to comply with the accepted proposal, said amount will be retained by the City. No proposal can be withdrawn or amended after the time set for receiving proposals unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates shall be in integral muftiples of 5/100 or 1/8 of 1 %. Rates must be In ascending order. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. No conditIonal proposals will be accepted. AWARD The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true Interest cost (TIC) basis. The City's computation of the Interest rate of each proposal, in accordance with customary practice, will be controlling. The City 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 Bonds, (ii) reject all proposals without cause, and, (ill) reject any proposal which the City determines to have failed to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION If the Bonds qualify for issuance of any policy of munIcipal bond insurance or commitment therefor at the option of the underwriter, the purchase of any such insurance policy or the issuance of any such commitment shall be at the sole option and expense of the purchaser of the Bonds. Any increased costs of issuance of the Bonds resulting from such purchase of insurance shall be paid by the purchaser, except that, if the CIty has requested and received a rating on the Bonds from a rating agency, the City will pay that rating fee. Any other rating agency fees shall be the responsibility of the purchaser. Failure of the municipal bond Insurer to issue the policy after Bonds have been awarded to the purchaser shall not constItute cause for failure or refusal by the purchaser to accept delivery on the Bonds. 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. CUSIP NUMBERS If the Bonds qualify tor assignment of CUSJP numbers such numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the purchaser to accept delivery of the