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°edevel meat area. TYPE OF PROPOSALS Propos shall be for not less than $14,873,500 and accrued interest on the total principal amount f the Bonds. Proposals shall be accompanied by a Goad Faith Deposit ("Deposit") in the fo of a certified or cashier's check or a Financial Surety Bond in the amount of $151,000, payabl to the order of the City. If a check is used, it must accompany the proposal. If a Financ' l Surety Bond is used, it must be froved b i the C te. c Such bond must be submitted to bond i the State of Minnesota, and preappro y Y Spring ed Incorporated prior to the opening u~thane Ped bsasuch FinancialiSuretyeBond. dif the identi each underwriter whose Deposit is g Y Bonds e awarded to an underwriter using a o 1 o t d in the form of a certified orccashler'S requir to submit its Deposit to Springsted Inc rp check wire transfer as instructed by Springsted d T f~ ~htDe nositisenohr ceivOd bylth t t me, Time, the next business day following the away p the Fi cial Surety Band may be drawn b unt of hi h will be deduc eds t settlementnwill be Depos received from the purchaser, the amo depos' d by the City and no interest willsaalccsu~edt ~o~~~ 11~ be retained by tthe City haNo fails t comply with the accepted propo , propo 1 can be withdrawn or amended after thBo ds is ad ourned, re ~ sed, orbcontinued to meeti of the City scheduled for award of the J anoth date without award of the Bonds havingri the interestRr tesspread if qu tedin levellar of 5/ 0 or 1/8 of 1%. There is no limit o ascen ng order; however, no rate for any maturity shall be more than 1.5% lower than any prior rate. onds of the same maturity shall bear a single rate from the date of the Bonds to the date of ,matu ' v. No conditional proposals will be accepted. AWARD The onds will be awarded on the basis omtutat on o fi the i nterestt~ate ofteachnpropasal~n inter t cost (TIC) basis. The City s c p acco ante with customary practice, will be controlling. The ity will reserve the right to: (i) waive non-substantive informalities of any proposal or of matt s relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals with t cause, and (iii) reject any proposal that the City determines to have failed to comply with the t s herein. BOND INSURANCE AT PURCHASER'S OPTION If Bonds qualify for issuance of any pole Y ~ base a faanYosu h nsuranCerpoli~o~the ther or at the option of the underwnter, th P iss ce of any such commitment shall be at the a ds res ltiefrnmesuch purcha ~ of insurance Bo s. Any increased casts of issuance of the B g sha be paid by the purchaser, except that, if th at ra in fee~uAny other r t ng agency fees shall Bo s fram a rating agency, the City will pay th g SJB NE136-214