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maturity through book entries made on the books and records of DTC and its participants. <br />Principal and interest are payable by the registrar to DTC or its nominee as registered owner of <br />the Bonds. Transfer of principal and in, rarest,payments to participants of DTC will be the <br />responsibility of DTC; transfer of princiPal and interest payments to beneficial owners by <br />participants Will be the responsibility of such participants and other nominees of beneficial <br />owners. The purchaser, as a condition of delivery of the Bonds, will be required to deposit the <br />Bonds with DTC. <br /> REGISTRAR <br /> <br />The City will name the registrar which shall be subject to applicable SEC regulations. The City <br />will pay for the services of the registrar. <br /> <br />OPTIONAL REDEMPTION <br /> <br />The Bonds will not be subject to payment in advance of their respective stated matudty dates. <br /> <br />SECURtTY AND PURPOSE <br /> <br />The E,3nds will be general obligations of the City for which the City will pledge its full faith and <br />credit and power to levy direct general ad valorem taxes. In addition the City will pledge special <br />assessments against benefited property. The proceeds will be used for street improvements In <br />the City. <br /> TYPE OF PROPOSALS <br /> <br />Proposals shall be for not less than $494,000 and accrued interest on the total principal amount <br />of the Bonds. Proposals shall be accompanied by a Good Faith Deposit ("Deposit") in the form <br />of a certified or cashier's check or a Financial Surety Bond in the amount of $5,000, payable to <br />the order of the City. If a check is used, it must accompany each proposal. If a Financial <br />Surety Bond is used, it must be from an insurance company licensed to issue such a bond in <br />the State of Minnesota, and preapproved by the City. Such bond must be submitted to <br />Spdngsted Incorporated pdor to the opening of the proposals. The Financial Surety Bond must <br />identify each underwriter whose Deposit is guaranteed by such Financial Surety Bond. If the <br />Bonds are awarded to an underwriter using a F~nancial Surety Bond, then that purchaser is <br />required to submit its Deposit to Springsted Incorporated in the form of a certif'~ed or cashier's <br />check or wire transfer as instructed by Springsted Incorporated not later than 3:30 P.M., Central <br />Time, on the next business day following the award. If such Deposit is not received by that <br />time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. <br />The City will deposit the check of the purchaser, the amount of which will be deducted at <br />settlement and no interest will accrue to the purchaser. In the event the purchaser fails to <br />comply with the accepted proposal, said amount will be retained by the City. No proposal can <br />be withdrawn or amended after the time set for receiving proposals unless the meeting of the <br />City scheduled for award of the Bonds is adjourned, recessed, or continued to another date <br />without award of the Bonds having been made. Rates shall be In integral multiples of 5/100 or <br />1/8 of 1%. Rates must be in ascending order. Bonds of the same maturity shall bear a single <br />rate from the date of the Bonds to the date of maturity. No conditional proposals will be <br />accepted. <br /> AWARD <br /> <br />The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true <br />interest cost (TIC) basis. The City's computation of the interest rate of each proposal, In <br />accordance with customary practice, will be controlling. <br /> <br />The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of <br />matters relating to the receipt of proposals add award of the Bonds, (ii) reject all proposals <br />without cause, and, (iii) reject any proposal which the City determines to have failed to comply <br />with the terms herein. <br /> <br />- ii - <br /> <br /> <br />