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If bids are delivered to Ehlers & Associates, Inc., the good faith deposit, payable <br />to tt y Finance Director, shall be retainer' in th offices of Ehlers & <br />Assorr. s, Inc. with the same effect as if delivered to .Ae City Finance <br />Director. Alternatively,_bijders may wire t:ie good faith deposit to Resource Bank <br />& Trust Company, Minneapolis, Minnesota, A.B.A. #09-10-0550-6 Attention: I4011y <br />Majerle for credit to Ehlers & Associates, Inc. Bond Issue Escrow Account, <br />#850-788-1. 'The City and any bidder who chooses to so wire the guod faith deposit <br />hereby agree irrevocably that Ehlers & Associates, Inc. shall be the escrow holder <br />of the good faith deposit wired to such account subject only to these conditions <br />and duties: 1) All income earned thereon shall be retained by the escLu holder as <br />payment for its expenses; 2) If the bid it 1kot accepted, Ehlers & Associates, Inc. <br />shall, at its expense, promptly return the Rood faith deposit amount to the losing <br />bidder; 3) If the bid is accepted, •^''srs Associates, Inc. shall disburse the <br />good faith deposit amount as directed by the City; 4) Ehlers & Associates, Inc. <br />shall bear all costs of maintainitig the escrow account and returning, the funds to <br />the bidder; 5) Ehlers & Associates, Inc. shall not be an insurer of the good faith <br />deposit amount and shall have no liability hereunder except if it willfully fails <br />to perform, or recklessly disregards, its duties specified herein; and 6) FDIC <br />insurance on deposits within the escrow account shall be limited to $100,000 per <br />bidder. <br />OFFICIAL STAT_EMF1T <br />Underwriters may obtain a Copy of the Official Statement by request to the City's <br />Financial Advisor prior to the bid opening. The Purchaser will be provided with 25 <br />copies of the Official Stat(ment. <br />M.LlNG <br />General obligation bonds the City of Orono -itl, tee "Aa" by M ody's <br />Investors Service, Inc. 1'he City has requested 0,1 tnis issue from -)ody's <br />Investors Service, Inc., and bidders will be it as to the assigned rating <br />prior t. the sale. Stich a rating, if and when re, will reflect only the view <br />of the rating ab .lcy and ary explanation of the significance of such ra►.ing may <br />only be obtained from Moody's Investors Service, Inc. There is no assurance tlx: t <br />such rating, if and when received, will continue for any period of time or that ;t <br />will not be revised or withdrawn. Any revision or withdrawal of the rating ..:.y <br />have an effect on the mark,2t price of the Bonds. <br />It. 3 <br />