5.3c ERMUSR 03-09-2021 - Laserfiche WebLink

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SECURITY AND PURPOSE TheBonds will be special obligationsof the Citypayable solely from net revenues of the electric system of the Commissionand shall not constitute a debt for which the fullfaith and credit ortaxing powers of the Citywill be pledged. The proceedsof the Bondswill be used to financethe construction of a field house facility to house service trucks, inventory, and offices. NOT BANK QUALIFIED TAX-EXEMPT BONDS TheCitywill not designate the Bonds as qualified tax-exempt obligationsfor purposes of Section265(b)(3) of the Internal Revenue Code of 1986, as amended. BIDDING PARAMETERS Proposals shall be for not less than $14,228,640plusaccrued interest, if any,onthe total principalamount of the Bonds. No proposal can be withdrawn or amended after the time set for receiving proposals on the Sale Date unless the meeting of the Cityscheduled for award of the Bonds is adjourned, recessed,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 multiples of 1/100 or 1/8 of 1%. The initial price to the publicfor each maturityas stated on the proposal must be 98.0% or greater. Bonds of the same maturityshall bear a single rate from thedate of the Bonds to the date of maturity. No conditional proposals will be accepted. ESTABLISHMENT OF ISSUE PRICE In order to provide the Citywith information necessary for compliance with Section 148 of the Internal Revenue Codeof 1986, as amended, and the Treasury Regulations promulgated thereunder (collectively, Cityin establishing the issue price of the Bonds and shall complete, execute, and deliver to the Cityprior to the closing date,a written certification in a form acceptable to the Purchaser, the City the following for each maturity ofthe Bonds (and, if different interest rates apply within a maturity, to each separate CUSIP number within that maturity): (i) the interest rate; (ii) the reasonably expected initial ation Section 1.148-1(f) (the le price; and (iii) pricing wires or equivalent communications supporting such offering or sale price. Any action to be taken or documentation to be received by the Citypursuant hereto may be taken orreceived on behalf of the Cityby Baker Tilly MA. TheCityintendsthat the sale of theBonds pursuant to this Terms of Proposal shall constitute a (i)the Cityshall cause this Terms of Proposal to be disseminated to potential bidders in a manner that is reasonably designed to reach potential bidders; (ii)all bidders shall have an equal opportunity to submit a bid; (iii)the Cityreasonably expects that it will receive bids from at least three bidders that have established industry reputations for underwriting municipal bonds such as the Bonds; and (iv)the Cityanticipates awarding the sale of the Bonds to the bidder who provides a proposal with the lowest true interest cost, herein). Any bid submitted pursuantto this Terms of Proposal shall be considered a firm offer for the purchase of the Bond defined in the Regulation. By submitting its proposal, the Purchaser confirms that itshall require any agreement among underwriters, a selling group agreement, or other agreement to which it is a party A-3 EL185-68-699669.v1 343