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<br />AWARD <br /> <br /> <br />ds will be awarded on the basis of the lowest interest rate to be determined on a true <br />ost (TIC) basis. The City's computation of the interest rate of each proposal, in <br />ce with customary practice, will be controlling. <br /> <br />will reserve the right to: (i) waive non-substantive informalities of any proposal or of <br />elating to the receipt of proposals and award of the Bonds, (ii) reject all proposals <br />ause, and (iii) reject any proposal that the City determines to have failed to comply with <br />herein. <br /> <br />BOND INSURANCE AT PURCHASER'S OPTION <br /> <br />Issuan <br />Bonds. <br />shall b <br />Bonds <br />be the <br /> <br />nds qualify for issuance of any policy of municipal bond insurance or commitment <br />at the option of the underwriter, the purchase of any such insurance policy or the <br />of any such commitment shall be at the sole option and expense of the purchaser of the <br />y increased costs of issuance of the Bonds resulting from such purchase of insurance <br />paid by the purchaser, except that, if the City has requested and received a rating on the <br />om a rating agency, the City will pay that rating fee. Any other rating agency fees shall <br />sponsibility of the purchaser. <br /> <br />Failure f the municipal bond insurer to issue the policy after Bonds have been awarded to the <br />purch r shall not constitute cause for failure or refusal by the purchaser to accept delivery on <br />the Bo s. <br /> <br />CUSIP NUMBERS <br /> <br />If the <br />Bonds <br />thereto <br />Bonds <br />shall b <br /> <br />onds qualify for assignment of CUSIP numbers such numbers will be printed on the <br />ut neither the failure to print such numbers on any Bond nor any error with respect <br />'ll constitute cause for failure or refusal by the purchaser to accept delivery of the <br />The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers <br />paid by the purchaser. <br /> <br />SETTLEMENT <br /> <br /> <br />o days following the date of their award, the Bonds will be delivered without cost to the <br />r through DTC in New York, New York. Delivery will be subject to receipt by the <br />r of an approving legal opinion of Kennedy & Graven, Chartered of Minneapolis, <br />ta, and of customary closing papers, including a no-litigation certificate. On the date of <br />nt, payment for the Bonds shall be made in federal, or equivalent, funds that shall be <br />at the offices of the City or its designee not later than 12:00 Noon, Central Time. <br />ompliance with the terms of payment for the Bonds has been made impossible by action <br />ity, or its agents, the purchaser shall be liable to the City for any loss suffered by the City <br />n of the purchaser's non-compliance with said terms for payment. <br /> <br />ill <br />I <br />