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il " II II ,I I:i 11 I' 11 li !I ascending order. Bonds of the same maturity shall bear a single rate from the date of the i Bonds to the date of maturity. No conditional proposals will be accepted. :i I: AWARD II II The Bonds will be awarded on the basis of the lowest interest rate to be determined on a Ii true interest cost (TIC) basis. The City's computation of the interest rate of each ii proposal, in accordance with customary practice, will be controlling. II The City will reserve the right to: (i) waive non-substantive informalities of any proposal ilor of matter~ relating to the re~~ipt ?f proposals and award of t~e Bonds, ~ii) reject all H proposals wIthout cause, and (m) reject any proposal that the CIty deterrrunes to have ii failed to comply with the teIms herein. q il BOND lNSURANCE AT PURCHASER'S OPTION iI I If the Bonds qualify for issuance of any policy of municipal bond insurance or I commitment there for at the option of the underwriter, the purchase of any such insurance III policy or the issuance of any such commitment shall be at the sole option and expense of , 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 i 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 11 Failure of the municipal bond insurer to issue the policy after Bonds have been awarded /1 to the purchaser shall not constitute cause for failure or refusal by the purchaser to accept i delivery on the Bonds. !I I I If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on i the 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 ill delivery of the Bonds. The CUSIP Service Bureau charge for the assignment of CUSIP i,identification numbers shall be paid by the purchaser. " II Ii ! i CUSIP NUMBERS SETTLEMENT i 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 receipt by the purchaser of an approving legal opinion of Kennedy & Graven, Chartered Ilof 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 I equivalent, funds that shall be received at the offices of the City or its designee not later I than 12:00 Noon, Central Time. Unless compliance with the terms of payment for the liBonds 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- I compliance with said terms for payment. I SJB~ 2519Mov 1 NE 136~ 1 if I