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05-11-99 16:49 From-KENNEDY & GRAVEN +6123379310 T-525 P.14/17 F-614 withollt cause, and, (iii) reject any propo~al which the City determines to have failed to comply with the terms nerein. BOND INSURANCE AT PURCHASER'S OPTION If the Bonds qualify for issuance of any policy of municipal oond insurance or commitment therefor at the option of tne unqerwriter, the purchase of any such insurance polley or the Issuance at any Such commitment shall oe at the sole option and expense at the purchaser at the 80nas. Any increased CostS of issuance of the Bonds resulting from 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, tile City will pay that rating fee. Any other rating agency fees snail be the responsibIlity of the purChaser. Failure of the municipal bond insurer to issue the policy after Bonds have been awarded to the purchaser shall not constitute cause for failure or refusal by the purchaser to accept oelivery on the Bands. CUSI? NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printea on me Bonds, but neither the failure to print such numbers on any 60nd nor any errOr with respect mareto will constitute cause for failure or refusal by the purcnaser to accept delivery of the Banas. The CUSIP Service Bureau Charge for the assignment of CUSIP identification numbers Shall be paid by the purchaser. SETTL.t=MENT Within 40 days following the date of their award, the Bonds will be delil/ared 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, Cnartered of Minneapolis, Minnesota, and of customary closing papers, incluc1ing a nO-litigation certificate. On the date of settlement, paYfTlem 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 , 2:00 Noon, Central Time. Except as compliance with the terms of payment for the Sands shall have been mace impossible by action of the City, OJ Its agents, tile pUJCI1ClSe, shalllJe liatJle tu the City for any lOSS suffered by the City by reason of me purcnaser's non~compliance with said terms for payment. CONTINUING DISC\...OSURE In accordance with SEe Rule 15c2~12{b)(5), the City will undertake, pursuant to the resolution awarding sale oftne Sonas, to provide annual reports and notices of certain events. A description of this undertaking is set forth in trle Official Statement. The purchaser's obligation to purChase the BondS Will be conditionea upon receiving evidence of this undertaking at or prior to Cle/ivery of me BondS. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing pertinent information relative to the Sonds, ana saia Official Statement will serve as a nearly-final Official Statement within the meaning of Rule 15c2.12 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 Advisor to the City, Springsted Incorporated, 85 East Seventh Place, Suite 100, Saint Paul. Minnesota 55101, telephone (651) 223~3000. The qfficial State~e~t, when furtner supplemented by an addendum or addenda specifying the matLmty dates, pnnclpal amounts and Interest rates of the Bonds, together with any other DJK.162824 NEl36-149