5.2a ERMUSR 04-13-2021 - Laserfiche WebLink

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If all of the requirementsof a “competitive sale” are not satisfied, the Cityshall advise the Purchaser of such fact prior to the time of award of the sale of the Series 2021B Bondsto 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 Series 2021B Bonds, the Purchaser shall advise the Cityand Baker Tilly MA if 10% of any maturity of the Series 2021B 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 it was sold. The Citywill treat such sale price as the “issue price” for such maturity, applied on a maturity-by-maturity basis. The Citywill not require the Purchaser to comply with that portion of the Regulation commonly described as the “hold-the-offering-price” requirement for the remaining maturities, but the Purchaser 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 shall thereafter promptly provide the Cityand Baker Tilly MA the prices at which 10% of such maturities are sold to the public; provided such determination shall be made and the Cityand Baker Tilly MA notified of such prices whether or not the closing date has occurred, until the 10% test has been satisfied as to each maturity of the Series 2021B Bondsor until all of the Series 2021B Bonds of a maturity have been sold. GOOD FAITH DEPOSIT To have its proposal considered for award, the Purchaser is required to submit a good faith deposit via wire transfer to the City in the amount of $126,200 (the “Deposit”) no later than 1:30 P.M., Central Timeon the Sale Date. The Purchaser shall be solely responsible for the timely delivery of its Deposit, and neither the City nor Baker Tilly MAhave any liability for delays in the receiptof the Deposit. If the Deposit is not received by the specified time, the City may, at its sole discretion, reject the proposal of 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 MA following 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 been made, 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 The Series 2021B Bondswill be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis calculated on the proposal prior to any adjustment made by the City. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. The Citywill 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 Series 2021B Bonds, (ii)reject all proposals without cause, and (iii)reject any proposal that the City determines to have failed to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION The Cityhas not applied for or pre-approved a commitment for any policy of municipal bond insurance with respect to the Series 2021B Bonds. If the Series 2021B Bondsqualify for municipal bond insurance and a bidder desires to purchase a policy, such indication, the maturities to be insured, and the name of the desired insurer must be set forth on the bidder’s proposal. The Cityspecifically reserves the right to reject any bid specifying municipal bond insurance, even though such bid may result in the lowest TIC to the City. All costs associated with the issuance and administration of such 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 Series 2021B Bondsshall - iv - 264