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.05Hl1-99 16 :49 From-KENNEDY & G~AVEN +6123379310 TH525 p- 14/17 F-614 WithOllt cause, and. (iii) ,.eject any proposal which the City determineS to have failed to comply with the tenns herein. BOND INSURANCE AT PURCHASER'S OPTION If the Banas qualify for issuance of any pOlicy of municipal I:)ona insurance or commitment therefor at the option of the unaerwriter, the pllrchase of any such insurance policy or the Issuance ot any swct! commitment snail De at the sole option and expense ot the purchaser at tne Bonds. Any increased costs of issuance of the Bands resulting from such purchase of insurance shall be paid by the purchaser, except that._ if the City has requested ana received a rating on th~ Bonas from a rating agency, the City wiIJ pay that rating fee. Any other rating agency fees shall De the responsibility of the purchaser. Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the purcnaser shall not constitute cause for failure or refusal by the purchaser to accept Clelivery on the Bonds. CUSI? NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on me Bonds. but neither the failure to print such numbers on any Bond nor any errOr with respect tnereto will constitute cause for failure or refusal by the purcnaser to accept delhtery of the BondS. The CUSIP Service Bureau Charge for the assignment of CUSIP identification numbers shall be paid by thc purchClScr. SETTLEMENT Within 40 days following the date of their award, the Bonds will be delivered without cost to the purchaser at a place mutually satisfactory to the City and the purchaser. Delivery will be subject to receipt by the purchaser of an approving legal opinion of Kennedy & Graven. Cnanered of Minneapolis, Minnesota. and of customary Closing papers, including a no-litigation certificate. On the date of senlemem. payment for the Bonds shall be made in federal. or equivalent, funds Which shall be received at the offices of the City or its designee not later than 12:00 Noon. Central Time. Except as compliance with the terms of payment for the Bonds shall have been macle impossible by action of the CIty, Or ,ts agents, the purchaser sllalllJe liable tu the City for any lOSS suffered by the City by reason of the purchasers non-compliance with said teems for payment. CONTINUING DISCLOSURE In accorclance with SEe Rule 15c2-12(b)(5), the City will undertake, pursuant to the resolution awarding sale of me BondS, to provide annual reports ana notices of certain events. A desCription of this undertaking is set forth in the Official Statement. The purchaser's obligation to purchase the Banas Will be conditioned upon receiving evidence of this undertaking at or prior to oelivery of the 60nas. OFFICIAL 5T A TEMENT The City has authorized the preparation of an Official Statement contalOlng pertinent information relative to the Bonds, ana saia Official Statement will serve as a nearly-final Official Statement within the meaning of Rllle 15c2,1 2 of the Securities and Exchange Commission_ For copies of the Official Statement or for any additional information prior to sale, any prospective purChaser is referred to the Financial Ad\lisor to the City, Springsted Incorporated, 85 East Seventl1 Place, Suite 100, Saint Paul, Minnesota 55101, telephone (651) 223~3000. The Official Statement, when funher supplemented by an addendum or addenda specifying the maturity dates, principal amOLJnts and Interest rates of the Bonds, together with any other OJI<-162624 NE136-14-9