5.3b ERMUSR 04-13-2021 - Laserfiche WebLink

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(iv)the Cityanticipates awarding the sale of the Series 2021C Bonds to the bidder who provides a proposal with the lowest true interest cost, as set forth in this Terms of Any bid submitted pursuant to this Terms of Proposal shall be considered a firm offer for the purchase of the Series 2021C Bond said term is defined in the Regulation. By submitting its proposal, the Purchaser confirms that it shall require any agreement among underwriters, a selling group agreement, or other agreement to which it is a party relating to the initial sale of the Series 2021C Bonds, to include provisions requiring compliance with the provisions of the Code and the Regulationregarding the initial sale of the Series 2021C Bonds. Cityshall advise the Purchaser of such fact prior to the time of award of the sale of the Series 2021C Bonds to the Purchaser.In such event, anyproposal 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 2021C Bonds, the Purchaser shall advise the Cityand Baker Tilly MA if 10% of any maturity of the Series 2021C 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 City maturity, applied on a maturity-by-maturity basis. The Citywill not require the Purchaser to comply with -the-offering- 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 datehas occurred, untilthe 10% test has been satisfied as to each maturity of the Series 2021C Bonds or until all of the Series 2021C 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 $17,5001:30 P.M., Central Time on the Sale Date. The Purchaser shall be solely responsible for the timely delivery of its Deposit, and neither the City nor Baker Tilly MA have any liability for delays in the receipt of 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 City upon 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 Purchaser will be retained by the City and no interest will accrue to the Purchaser. The amount of the Deposit will 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 TheSeries 2021C Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis calculated on the proposal priorto 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. A-4 430