09-11-1989 - Agenda Packet City Council - regular meeting

Home Browse Search

CUSIP NUMBERS: It is anticipated the CUSIP identification numbers will be printed on the bonds, but neither the failure to print such number on any bond or any error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and a with the terms of sale. All expenses in relation Pay he said bonds C accordance on the bonds shall be paid for by the City;printing of CUSIP numbers Service Bureau charge for the assignmentProvided, however, that the CUSIP responsibility of and shall be paid for by the said numbers shall be the Y purchaser. DELIVERY: Within 40 days of the award of sale, subject :o a opinion of Faegre & Benson, Minnea olis Minnesota. PProvnd legal P opinion will be paid by the City� Bond printing and legal a immediately available funds anywhere in he delivery continentalin to the purchaser. United Statestwithouttcost TYPE OF BID: Sealed bids for not less than ` interest on the principal amount of $293009000 from the date of the bonuE ds accrued rthe date of delivery must be received by the Fins;z^e Director prior to the time specified above. A good faith deposit in the amount of $46,000 must be submitted with each bid. The good faith deposit must be in the .orm of a certified or cashier's check or bank draft or a wire transfer of funds to Resource Bank & Trust Company, in Minneapolis, Minnesota, ABA #09-10-0550-6 fnr forth & Associates, lr.c., Bon.t Issue l;scrow Account ��850-188-1, 'e' '.'edit to F!,Iers The good faith deposit will be retained by the City as liquidated t n damages Molly aifrthe bid is accepted and the bidder fails to comply therewith. The good faith deposit will be returned to the purchaser at the closing for the bonds. RATF,Sr All rates must be in integral multiples of 5/100ths or 1/8th of 1% and no rate may exceed the maximum rate permitted b y lawmaturity shall bear a single uniform rate from date of .issue ttoAilt�ds matuof tile rity. same The interest rate for the honas any maturity shall not exceed the rate specified for any subsequent maturity. AWARD: The bid of ink, the lowest net Interest favorable. The net iless cost will be deemed most discount ($2,300,000 less cost is to be determined by adding the amours` of any amount of purchase price) to, of any premium (excess of purchase price over $2 300,000)ofrom, tlettogalltir�te�eat from the date of the bonds to stated maturities. The y Council the tiro any bid and toe adjourn itgtre sat �lereject any and all bids, to waive any informality Dated: Augurt 14, 1989. 91' ORDFR OF THE CITY CoUiv-11, Mark Bernhardson City Administrator City Hall 1335 Brown Road South Crystal Bay, MN 55323 2