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05-11-99 16:47 From-KENNEDY & GRAVEN +6123379310 T-525 P,06/17 F-614 withDut cause, and, (iii) reject any proposal which the CitY determines to have failed to comply with the terms herein. BOND INSURANCE AT PURCHASER'S OPTION If the BDnds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the Dption of trle underwriter, the purchase of any suCh insurance policy or the issuance of any such commitment shall be at the sole option and expense of the purcnaser of the BDnds. Any increased COSTS Df issuance Df 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 frDm a rating agency, the City will pay that rating fee. Any other rating agency fees shall be the responsibility of the purchaser. Failure of the municipal bona insurer to issue the palicy after Bonds nave been awardet1 tD the purchaser shall not constitute cause for failure or refLlsal by the purcnaser to accept delivery on the Bonds. CUSIP NUM6eRS If the Bonds qualify for assignment of CUSIP numbers such numt>ers will be printed on the Bonds, but neither the failure to print sLlch numbers on any Bond nor any error' with respect thereto will constitLlte cause for failure ar refusal by the purchaser to accept delivery of the Bonos. The CUSIP Service aureau charge for the assignment of CUSIP identificaTion numbers shall be paid tly the purChaser. SETTLEMENT Within 40 days follOWing the date of their award, the Bonos will be delivered withoLlt cost tD the purchaser at a place mutLlally satisfactory to the City and the purchaser. Delivery will be subject to receipt by the purchaser of an approving legal opinion of Kennedy & Graven, Chartered of Minneapolis, Minnesota, and of customary closing papers, incluaing a nO-litigation certificate. On the date of senlement, payment far the Bonds shall be made in federal, or equivalent, funas 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 made impossible by action of the City, or its agents, the purchaser shall be liable to the City far any loss suffered by the City by reason af the purchasers non-compliance witn said terms for payment. CONTINUING DISCLOSURE In accorclance with SEe Rule 15c2-12(b)(5), th~ City will undertake, pursuant to the resolution awarcting sale of me Bonds, to provicte annual repons and notices of certain events. A description of this lIndertaking is set fortn in the Official Statement. The purchasers obligation to purChase the Bonds will be conditioned upon receiving evidence of this undertaking at Or prior to eJelivery of the Bonds. OFFICIAL STATEMENT The City has authorized the preparation of an Official Statement containing peninent infDrmation relati"e to the BondS, and said Official Statement will serve as a near1y-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 Official Statement, when further supplememed by an addendum or addenda specifying the maturity dates, principal amOunts and interest rates of the Bonds, together with any other DJK-16211S9 NE136-149