05-13-1985 Council Packet - Laserfiche WebLink

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books of the City on the 15th day of the month preceding each interest payment date. The bonds will be transferable only upon the registration books of the City kept by the .egistrar. CUSIP NUMBERS: It is anticipated that CUSIP identifica- tion numbers will be printed on the bonds, but neither the failure to print such number on any bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for said bonds in accordance with the terms of sale. All expenses in relation to the printing of CUSIP numbers on the bonds shall be paid for by the City; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid for by the purchaser. DELIVERY: Within 30 days of the date of sale, subject to the approving legal opinion of Faegre i Benson, Minneapolis, Minnesota. Bond printing and legal opinion will be paid by the City and delivery will be against payment in immediately avail- able funds anywhere in the continental United States without cost to the purchaser. TYPE OF BID: Sealed bids for not less than $882,439 plus accrued interest on the principal amount of $900,000 from the date of the bonds to the date of delivery must be received by the City Finance Director prior to the time specified above. A certified or cashier's check payable to the order of the City Finance Director in the amount of $18,000 must accompany each bid to be forfeited as liquidated damages if the bidder fails to comply with an accepted bid. Bids should be addressed to Mr. Thomas Kuehn, City Finance Director, Orono City Hall, P.O. Box 66, Crystal Bay, Minnesota 55323. RATES: All rates must be in integral multiples of 5/100ths of 1% and no rate may exceed the maximum rate permitted by law. All bonds of the same maturity shall bear a single uniform rate from date of issue to maturity. The interest rate for the bonds of any maturity shall not be less than the rate for any prior maturity. AWARD: The bid offering the lowest net interest cost will be deemed most favorable. The net interest cost is to be determined by adding the amount of any discount 1$900,000 less amount of purchase price) to, or subtracting the amount of any premium (excess of purchase price over $900,000) from, the total interest from the date of the bonds to stated maturities. The net average interest rate for the issue may not exceed the maximum rate permitted by law.