10-14-1991 HRA Minutes and Meeting (2)

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LssaLQpiniQn An opinion as to the validity of the Bonds and the exciusion from gross Income for federal and Minnesota income tax purposes of the interest thereon will be furnished by Dorsey & Whitney, of Minneapolis, as Bond counsel. The legal opinion vyill state that the Bonds are valid ana bindinq special obligations of the Authority enforceable In accordance with their terms except to the extent to which enforceability thereof may be limited by the exercise of judicial discretion or by state or federal laws relating to bankruptcy, reorganization, moratorium or creditors ’ rights. Type.5LBid-and.Awatd Sealed bids for not less than $3,945,000 and accrued interest on the principal amount of $4,000,000, must be received at the offices of Ehleis and Associates, Inc., financial consultants to ^e Authority, prior to the time stated above. Bidders r.'iust bid for a I or'-pna of the Bonds. Each bid must be unconditional and must be accompanied by a good faith deposit of $80,000. The good faith deposit must be in the form of a certified or cashier s check or bank draft payable to the Authority, or a wire transfer of funds to Resource Bank & Trust Company, ABA #09-10-0550*6 for further credit to Ehlers and Associates,. Inc., Bond Issue Escrow Account #850-788-1, Attention: Molly Majerle. or a financial surety bond. If a flnanclal surety ’ bond's used. It must be from an insurance company licensed to issue such a bond In the State of Minnesota. Such financial surety bond must be submitted to Ehlers and Associates, Inc., prior to the opening of the bids and must identify each bidder whose good faith deposit Is guaranteed by such financial surety bond. If the Bonds are awarded to a bidder using a financial surety bond, then that original purchaser Is required to submit its good faith deposit In the form of a certifiod or cashier ’s check, bank draft or wire transfer, as instructed by Ehlers and Associates, Inc., not iater than 3:00 p.m. Central Time on the next business day following the award. If such goo'"' faith deposit Is not received by that tirne, the financial surety bond may be drawn by the Authority to satisfy the good faith deposit reauirement and such amount will be deducted from the purchase price at the closing and no interest will accrue to the original purchaser. The good faith deposit will be retained by the Authority as liquidated damages if the bid is accepted and the bidder fai s to comply therewith. The Did authorizing the lowest net Interest cost (total interest on all Bonds from December 1, 1991 to their maturities, loss any cash premium or plus any discount], will be deemed the most favorable. In the event that two or more bids state the lowest net interest cost, the sale of the Bonds will be awarded by lot. No oral bid will be considered. The Authority reserves the right to reiect any and all bids, to waive informalities in any bid and to adjourn the sale. CUSIP Numbers The Authori^v will assume no obligation for the assignment or printing of CUSIP numbers on the Bonus or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the original purchaser, if the original purchaser waives any delay in delivery occassioned thereby. Official Statem ent The Authority has authorized the preparation of an Official Statement relating to the Bonds which the Authority will deem, for purposes of SEC Rule 15c2-12, to be final as of its date. The Authority will deliver, at closing, a certiflcate executed by the Authonty to the effect that, to the best of Its knowledge, as of the date of closing, the information contained In the Official Statement, Including any supplement thereto, does not cont^n any untnje statement of a material fact or omit to state a material fact necessary to rr.ake the statements therein, m light of the circumstances In which they are made, not misleading; provided that no corriment will be made with respect to any information provided by the successful bidder for inclusion in any supplement to the Official Statement.