4.1. SR 08-16-1993 - Laserfiche WebLink

Home Browse Search

e e e the form of a certified or cashier's check or a FinancIal Surety Bond In lhe amount 01 $35,250. payable to the order of the CIty, tf a check Is used, it rnusl accompany each proposal. If a FinancIal Surety Bond is used, It mus1 be trom an insurance company licensed 10 issue such a bond )n the State of Minnesota, and praapproved by the City. 'Such bond must be submItted 10 Sprlngsted Incorporated prIor to the opening of the proposals. The FJnancial Surety Bond must identity each underwrIter whose Dep<>sit is guaranteed by such FinanciaJ Surety Bond. If the Bonds are awarded to an undalWrlter using a Financial Surety Sond,then that purchaser is required to submit its Deposit to Splingsted Incorporated in the form of a certified or cashier's check or wIre transfer as Instructed by Springsted Incorporated not later than 3:30 P.M.. Centra! Tlme. on the next business day following the award. If such Deposit is not received by 1hat time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit fequirement The City will deposit the check 01 ihe purchaser. the amount of which will be deducted at settlement and no Interest will accrue to the purchaser. In the event the purchaser falls to comply with the accepted propqsal, said amount will be retained by the City. No proposal can be withdrawn or amended after the time ~et for receiving proposals unless the meeting of the City scheduled for award at the Bonds is aajourned, recessed, or conlinued to another date without award of the Bonds having been made. Rates shalJ be in integral murtiples of 5/100 or 1/8 of 1 %. Rates must be In ascending order. Bonds of the same ma1urfty shall bear a single rate from the date of [he Bonds to the d~te or maturity. No condltJonal proposals wiJI be accepted. AWARD The Bonds wJJJ be awarded on the basis of the lowest interest rate to be determined On a true Interest cost (TIC) basis. The City's computation of the Interest rate of each proposal, in acrordance with customary practice. will be controlling. The City .....m reserve the right to: (Q waive non-substantive informalities; of any proposal or of matters relating to the receipt of proposals and award of the Bonds. (ii) reject an proposals without cause, and, (m) reject any proposal which the City delermines to have failed to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION If the Bonds qualify for issuance of any policy 01 municipal bond insurance or commitment therefor at the option of the underwriter, the purchase or any such insurance poucy or the issuance of any such commJ1ment shall be at the sole option and expense of the purchaser of Ihe Bonds. Any inaeased costs of issuance 01 the Bonds rasutting from such purchase of insurance shall be paid by lhe purchaser, except that, i1 the City has requested and received a rating on the Bonds from a rating agency, the City will pay thaI rating fee. Any other rating agency fees shaJl be the responslblli;ty of the purchaser, Fanure of the municipal bond Insurer to issue the policy after Bonds have been awarded to the purchaser shall nol constJtlJte cause for failure or refusal by the purchaser to accept delivery on the Bonds. REGISTRAR The City will name the registrar which shall be subject to applicable SEC regulations. The City will pay for 1he sstvlces of the registrar. CUSIP NUMBERS If the Bonds qualtfy lor assignment of CUSJP numbers such numbers will be printed on the Bonds, but neither the 1ailure to print such numbers on any Bond nor any erlor with respect thereto will constitute cause for failure or refusal by the purchaser (0 accept delivery of the 9 d O~ 198809~8 'ON/51 : ~ 1 '18/1 ~ : ~ 1 85;~ I '80 (OHll gv99-8~~-~19 10Vd'1S NVDHOW ~ SDDIHH WOH~