5.3b ERMUSR 04-13-2021 - Laserfiche WebLink

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each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. All redemptions shall be at a price of par plus accrued interest. SECURITY AND PURPOSE TheSeries 2021C Bonds will be general obligations of the Cityfor which the Citywill pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition, theCity will pledge the net revenues of the City's Water Utility Fund. The proceedsof the Series 2021C Bondswill be used to finance costs related to the construction of a field house facility to house service trucks, inventory and offices. NOT BANK QUALIFIED TAX-EXEMPT OBLIGATIONS TheCitywill not designate the Series 2021C Bonds as qualified tax-exempt obligations for purposes of Section265(b)(3) of the Internal Revenue Code of 1986, as amended. BIDDING PARAMETERS Proposals shall be for not less than $1,729,000plus accrued interest, if any, on the total principal amount of the Series 2021C 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 No proposal can be withdrawn or amended after the time set for receiving proposals on the Sale Date unless the meeting of the Cityscheduled for award ofthe Series 2021C Bonds is adjourned, recessed, or continued to another date without award of the Series 2021C Bonds having been made.Rates shall be in integral multiples of 1/100 or 1/8 of 1%. The initial price to the public for each maturity as statedon the proposal must be 98.0% or greater. Series 2021C Bonds of the same maturity shall bear a single rate from the date of the Series 2021C 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 Code of 1986, as amended, and the Treasury Regulations promulgated thereunder (collectively, quired to assist theCityin establishing the issue price of the Series 2021C 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, and Bond Counsel (t CertSeries 2021C 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 offe Treasury Regulation Section 1.148- 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 or received on behalf of the City by Baker Tilly MA. TheCityintends that the sale of the Series 2021C Bonds pursuant to this Terms of Proposal shall fined in the Regulation based on the following: (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 Series 2021C Bonds; and A-3 429