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.1 H :; ~ :1 The City will reserve the right to: (i) waive non-substantive informalities of any proposal U or of matters relating to the receipt af proposals and award of the Bonds, (ii) reject all !I proposals without cause, and (iii) reject any proposal that the City determines to have Ii failed to comply with the terms herein. ! ;; I: BOND INSURANCE AT PURCHASER'S OPTION i! d Ij :! If the Bonds qualify for issuance of any policy of municipal bond insurance or i commitment therefor at the option of the underwriter, the purchase of any such insurance : policy or the issuance of any such commitment shall be at the sole option and expense of i the purchaser of the Bonds. Any increased costs of issuance of the Bonds resulting from i such purchase of insurance shall be paid by the purchaser, except that, if the City has : requested and received a rating on the Bonds from a rating agency, the City will pay that I rating fee. Any other rating agency fees shall be the responsibility of the purchaser. I I Failure of the municipal bond insurer to issue the policy after Bonds have been awarded I to the purchaser shall not constitute cause for failure or refusal by the purchaser to accept ! delivery on the Bonds. CUSI? NUMBERS 1 i If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on jthe Bonds, but neither the failure to print such numbers on any Bond nor any error with i respect thereto will constitute cause for failure or refusal by the purchaser to accept ldelivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP I identification numbers shall be paid by the purchaser. I I SETTLEMENT i I iWithin 40 days following the date of their award, the Bonds will be delivered without icost to the purchaser through DTC in New York, New York. Delivery will be subject to ireceipt by the purchaser of an approving legal opinion of Kennedy & Graven, Chartered lof Minneapolis, Minnesota, and of customary closing papers, including a no-litigation certificate. On the date of settlement, payment for the 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 12:00 Noon, Central Time. Unless compliance with the terms of payment for the IBonds has been made impossible by action of the City, or its agents, the purchaser shall jbe liable to the City for any loss suffered by the City by reason of the purchaser's non- Icompliance with said terms for payment. . CONTINUING DISCLOSURE IIn accordance with SEC Rule 15c2-12(b)(5), the City will undertake, pursuant to the Iresolution awarding sale of the Bond, to provide annual reports and notices of certain ievents. A description of this undertaking is set forth in the Official Statement. The Ipurchaser'S obligation to purchase the Bonds will be conditioned upon receiving evidence of this undertaking at or prior to delivery of the Bonds. I i ! I