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II iJ '" II'" I 11 iI 11 II I' ,( I' II II SETTLENlENT Ij II Within 40 days following the date of their award, the Bonds will be delivered without i cost to the purchaser through DTC in New York, New York. Delivery will be subject to II receipt by the purchaser of an approving legal opinion of Kennedy & Graven, Chartered I of Minneapolis, Minnesota, and of customary closing papers, including a no-litigation I! certificate. On the date of settlement, payment for the Bonds shall be made in federal, or 11 equivalent, funds that shall be received at the offices of the City or its designee not later II than 12:00 Noon, Central Time. Unless compliance with the terms of payment for the II! Bonds has been made impossible by action of the City, or its agents, the purchaser shall be liable to the City for any loss suffered by the City by reason of the purchaser's non- II compliance with said terms for payment. I' II CONTINUING DISCLOSURE II ! In accordance with SEC Rule 15c2-12(b)(5), the City will undertake, pursuant to the I resolution awarding sale of the Bond, to provide annual reports and notices of certain I,events. A description of this undertaking is set forth in the Official Statement. The IjPurchaser's obligation to purchase the Bonds will be conditioned upon receiving evidence II of this undertaking at or prior to delivery of the Bonds. Ii 11 OFFICIAL STATEMENT II Ii I'The City has authorized the preparation of an Official Statement containing pertinent I information relative to the Bonds, and said Official Statement will serve as a nearly final I Official Statement within the meaning of Rule 15c2~12 of the Securities and Exchange 'II Commission. For copies of the Official Statement or for any additional information prior . to sale, any prospective purchaser is referred to the financial Advisor to the City, i Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul, Minnesota 55101, ;ltelephone (651) 223-3000. il il lIThe Official Statement, when further supplemented by an addendum or addenda II specifying the maturity dates, principal amounts and interest rates of the Bonds, together llwith any other information required by law, shall constitute a "Final Official Statement" liof the City with respect to the Bonds, as that term is defined in Rule 15c2-12. By I awarding the Bonds to any underwriter or underwriting syndicate submitting a proposal I therefor, the City agrees that, no more than seven business days after the date of such I award, it shall provide without cost to the senior managing underwriter of the syndicate ilto which the Bonds are awarded 100 copies of the Official Statement and the addendum i or addenda described above. The City designates the senior managing underwriter of the Ilsyndicate to which the Bonds are awarded as its agent for purposes of distributing copies !!of the Final Official Statement to each Participating Underwriter. Any underwriter !i!deliVering a proposal with respect to the Bonds agrees thereby that if its proposal is ~accePted by the City (i) it shall accept such designation and (ii) it shall enter into a I contractual relationship with all Participating Underwriters of the Bonds for purposes of SJB~2519 3vl NE136~1 Ii i! Ii