5.3c ERMUSR 03-09-2021 - Laserfiche WebLink

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relating to the initial sale of theBonds, to include provisions requiring compliance with the provisions of the Codeandthe Regulation regarding the initial sale of the Bonds. Cityshall advise the Purchaser of such fact prior to the time of award of the sale of the Bonds to the Purchaser. In such event, any proposal submitted will not be subject to cancellation or withdrawal.Within twenty-four (24) hours of the notice of award of the sale of the Bonds, the Purchaser shall advise the CityandBaker Tilly MAif 10%of any maturity of the Bonds(and,if different interest rates apply within a maturity, to each separate CUSIP number within that maturity) has been sold to the public and the price at which itwas sold. The Citymaturity, applied on a maturity-by-maturity basis. The Citywill not require the Purchaser to comply with that portion of the Regulation commonly describ-the-offering-urchaser may elect such option. If the Purchaser exercises such option, the Citywill apply the initial offering price to the public provided in the proposal as the issue price for such maturities. If the Purchaser does not exercise that option, it shallthereafter promptly provide the Cityand Baker Tilly MAthe prices at which 10% of such maturities are sold to the public; provided such determination shall be made andthe Cityand Baker Tilly MAnotified of such prices whether or not the closing date has occurred, until the 10% test hasbeen satisfied as to each maturity of the Bonds or until all of the Bonds of a maturity have been sold. GOOD FAITH DEPOSIT To have its proposalconsidered for award, the Purchaser is required to submit a good faith depositvia wire transferto theCityin the amount of $144,6001:30 P.M., Central Time on the Sale Date. The Purchaser shall be solely responsible for the timely delivery of itsDeposit, and neither the Citynor Baker Tilly MAhave any liability for delays inthe receiptof the Deposit.If the Deposit is not received by thespecified time, the Citymay, at its sole discretion, reject the proposalof the lowest bidder, direct the second lowest bidder to submit a Deposit, and thereafter award the sale to such bidder. A Deposit will be considered timely delivered to the Cityupon submission of a federal wire reference number by the specified time. Wire transfer instructions will be available from Baker Tilly MAfollowing the receipt and tabulation of proposals.The successful bidder must send an e-mail including the following information: (i) the federal reference number and time released; (ii) the amount of the wire transfer; and (iii) the issue to which it applies. Once an award has beenmade, the Deposit received from the Purchaserwill be retained by the Cityand no interest will accrue to the Purchaser. The amount of the Depositwill be deducted at settlement from the purchase price. In the event the Purchaser fails to comply with the accepted proposal,said amount will be retained by the City. AWARD TheBonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basiscalculated on the proposal prior to any adjustmentmade by the City. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. TheCitywill reserve the right to: (i)waive non-substantive informalities of any proposal or of matters relating to the receipt of proposalsand award of the Bonds, (ii)reject all proposals without cause, and (iii)reject any proposal thatthe Citydetermines to have failed to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION TheCityhas not applied for or pre-approved a commitment for any policy of municipal bond insurance with respect to the Bonds. If the Bonds qualify for municipal bond insurance and a bidder desires to purchase a policy, such indication, the maturities to be insured, and the name of thedesired insurer must A-4 EL185-68-699669.v1 344