5.3b ERMUSR 04-13-2021 - Laserfiche WebLink

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TheCitywill reserve the right to: (i)waive non-substantive informalities of any proposal orof matters relating to the receipt of proposals and award of the Series 2021C Bonds, (ii)reject all proposals without cause, and (iii)reject any proposal that the Citydetermines to have failed to comply with the terms herein. BONDINSURANCE AT PURCHASER'S OPTION Cityhas not applied for or pre-approved a commitment for any policy of municipal bond insurance with respect to the Series 2021C Bonds. If the Series 2021C 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 the Cityspecifically reserves the right to reject any bid specifying municipal bond insurance, even thoughsuch bid may resultin 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 2021C Bonds shall not constitute cause for failure or refusal by the successful bidder to accept delivery of the Series 2021C Bonds. CUSIP NUMBERS If the Series 2021C Bonds qualify for the assignment of CUSIP numbers such numbers will be printed on the Series 2021C Bonds; however, neither the failure to print such numbers on any Series 2021C Bond nor any error with respect thereto will constitute cause for failure or refusal by the Purchaser to accept delivery of the Series 2021C Bonds. Baker Tilly MA will apply for CUSIP numbers pursuant to Rule G- 34 implemented by the Municipal Securities Rulemaking Board. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. SETTLEMENT On or about June10, 2021,the Series 2021C Bonds will be delivered without cost to the Purchaser through DTC in New York, New York. Delivery will be subject to receipt by the Purchaser of an approving legal opinion of Kennedy & Graven, Chartered of Minneapolis, Minnesota, and of customary closing papers, including a no-litigation certificate. On the date of settlement, payment for the Series 2021C Bonds shall be made in federal, or equivalent, funds that shall be received at the offices of the City or its designee not later than 12:00Noon, Central Time. Unless compliance with the terms of payment for the Series 2021C Bonds has been made impossible by action of the City, or its agents, the Purchaser shall be liable to the Cityfor any loss suffered by the Cityby reason of the Purchaser's non-compliance with said terms for payment. CONTINUING DISCLOSURE In accordance with SEC Rule15c2-12(b)(5), the Citywill undertake, pursuant to the resolution awarding sale of the Series 2021C Bonds, to provide annual reports and notices of certain events. A description of this undertaking is set forth in the Official Statement. The purchaser's obligation to purchase the Series 2021C Bonds will be conditioned upon receiving evidence of this undertaking at or prior to delivery of the Series 2021C Bonds. OFFICIAL STATEMENT TheCityhas authorized the preparation of a Preliminary Official Statement containing pertinent information relative to the Series 2021C Bonds,and said Preliminary Official Statement has been deemed final by the Cityas of the date thereof within the meaning of Rule15c2-12 of the Securities and Exchange Commission. For an electronic copyof the Preliminary Official Statementor for any additional information prior to sale, any prospective purchaser is referred to the Municipal Advisor to the City, Baker Tilly Municipal Advisors, LLC,bytelephone (651)223-3000, or by email A-5 431