February 2018 Board meeting - CWU Sammamish - a

Such retention will constitute a full release and discharge of all claims by the University against the successful bidder and, in that event, the University may call for additional proposals. The University’s actual damages may be higher or lower than the amount of such good faith deposit. Such amount constitutes a good faith estimate of the University’s actual damages. Each bidder waives the right to claim that actual damages arising from such default are less than such amount. Selection of the Successful Bidder The bids for the Series 2018 Bonds will be considered by the University at the date and time set for sale. The Series 2018 Bonds will be sold to the bidder submitting a bid in conformance with this Official Notice of Sale that produces the lowest true interest cost to the University, based on the bid price, the interest rates specified in the bid and the principal amounts identified in this Official Notice of Sale. The true interest cost will be the rate necessary, on a 30/360 basis and semiannual compounding, to discount the debt service payments from the payment dates to the date of the Series 2018 Bonds and to the price bid. The true interest cost calculations will be performed by the University’s Financial Advisor, and the University will base its determination of the best bid solely on such calculations. The successful bidder for the Series 2018 Bonds will be bound to purchase the Series 2018 Bonds in the principal amount, at such price, and with such interest rates as are specified in its bid, unless there is an adjustment in the principal amounts of the Series 2018 Bonds, in which case the successful bidder shall be bound to purchase the Series 2018 Bonds in the adjusted principal amounts at the revised bid amount, as described above under the heading “Adjustment of Principal Amount of Series 2018 Bonds and Bid Price for the Series 2018 Bonds.” The University reserves the right to reject any or all bids and to waive any irregularity in any bid or the bidding process. If all bids are rejected, then the Series 2018 Bonds may be sold in any manner provided by law. Any bid presented after the time specified for receipt of the bids will not be accepted, and any bid not backed by the required good faith deposit will not be considered. The successful bid shall remain in effect until 5:00 p.m. Pacific Time, on the date set for the receipt of bids. Bond Insurance; Rating Bond Insurance . The purchase of any insurance policy for the Series 2018 Bonds or the issuance of any commitment therefor will be at the sole option and expense of the successful bidder for such Series 2018 Bonds. Bids may not be conditioned upon qualification for or the receipt of municipal bond insurance. Any increased costs of issuance of the Series 2018 Bonds resulting from such purchase of insurance will be paid by the successful bidder for the Series 2018 Bonds and will not, in any event, be paid by the University. Payment of any bond insurance premium and satisfaction of any conditions to the issuance of the municipal bond insurance policy will be the sole responsibility of the successful bidder. In particular, the University will not provide any opinions or enter into any agreements with respect to the provisions of any such policy. Failure of any municipal bond insurer to issue or deliver its policy will not in any way relieve the successful bidder of its contractual obligations arising from acceptance of its proposal for the purchase of the Series 2018 Bonds. The successful bidder must provide the University with the municipal bond insurance commitment and information with respect to the municipal bond insurance policy and the insurance provider within two business days following the award of the bid by the University. The University will require delivery, on or prior to the date of initial delivery of the Series 2018 Bonds, of: (i) a certificate from the insurance provider regarding the accuracy and completeness of the information provided for inclusion in the Official Statement, (ii) an opinion of counsel to the insurance provider regarding the validity and enforceability of the municipal bond insurance policy, and (iii) a certificate with respect to certain tax matters, each in a form reasonably satisfactory to the University and Bond Counsel. Rating . The University has received a rating from Moody’s Investors Service, Inc. as shown on the cover of the Preliminary Official Statement. The University will pay the fees for this rating. Any other ratings are the responsibility of the successful bidder. See “OTHER BOND INFORMATION - Rating” in the Preliminary Official Statement. Delivery of Series 2018 Bonds The Series 2018 Bonds will be delivered to the Bond Registrar on behalf of DTC by Fast Automated Securities Transfer, less payment of the purchase price to the University in immediately available federal funds, less the amount of the applicable good faith deposit. Closing is expected to occur within 30 days after the sale date set forth on the cover page of the Preliminary Official Statement.

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