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TYPE OF BID A sealed bid for not less than $1,939,450 and accrued interest on the total principal amount of the Bonds shall be filed with the undersigned prior to the time set for the opening of bids. Also prior to the time set for bid opening, a certified or cashier's check in the amount of $19,750 payable to the .rder of the City, shall have been filed with the undersigned or SPRINGSTED Incorporated, the City's Financial Advisor. No bid will be considered for which said check has not been filed. The check of the Purchaser will be retained by the City as liquidated damages in the event the Purchaser fails to comply with the accepted bid. The City will deposit the check of the Purchaser, the amount of which will be deducted at settlement. No bid shall be withdrawn after the time set for opening bids, unless the meeting of the City scheduled for consideration of the bids is adjourned, recessed, or continued to another date without award of the Bonds having been made. Rates offered by Bidders shall be in integral multiples of 5/100 or 1/8 of I %. No rate for any maturity shall be more than I % lower than any prior rate. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of maturity. AWARD The Bonds will be awarded to the Bidder offering the lowest dollar interest cost to be determined by the deduction of the premium, if any, from, or the addition of any amount less than par, to, the total dollar interest on the Bonds from their date to their final scheduled maturity. The City's computation of the total net dollar interest cost of each bid, in accordance with customary practice, will be controlling. The City will reserve the right to: (j) waive non-substantive informalities of any bid or of matters relating to the receipt of bids and award of the Bonds, (jj) reject all bids without cause, and, (jii) reject any bid which the City determines to have failed to comply with the terms herein. REGISTRAR .he City will name the Registrar which shall be subject to applicable SEC regulations. The City will ay for the services of the Registrar. CUSlP NUMBERS If the Bonds qualify for assignment of CUSIP 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 Bonds. The CUSlP Service Bureau charge for the assignment of CUSlP identification numbers shall be paid by the Purchaser. SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the Purchaser at a place mutually satisfactory to the City and the Purchaser. A single typewritten Bond for each maturity may be provided at settlement, which Bonds will be exchanged for printed Bonds within said 40-day period. Delivery will be subject to receipt by the Purchaser of an approving legal opinion of Larkin, Hoffman, Daly & Lindgren, Ltd. of Minneapolis, Minnesota, which opinion will be printed on the Bonds, and of customary closing papers, including a no-litigation certificate. On the date of settlement payment for the Bonds shall be made in federal, or equivalent, funds which shaIl be received at the offices of the City, or its designee, not later than I :00 P.M., Central Time of the day of settlement. Except as compliance with the terms of payment for the Bonds shall have been made impossible by action of the City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. .t settlement the Purchaser will be furnished with a certificate, signed by appropriate officers of the ity, to the effect that the Official Statement did not as of the date of the Official Statement, and