Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

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RIGHT OF REJECTION: The Authority reserves the right, in its sole disc�etion, to reject any and all bids and to waive any inegularity or informality in any bid except that no bids will be accepted later than 8:30 A.M., Pacific Daylight time on the date set for receipt of bids. PROMPT AWARD: Pursuant to authority granted by the governing board of the Authority, the Finance Director of the Authority, or the Finance Director's designee, will take action awarding the Bonds or rejecting all bids not later than six (6) hours after the expiration of the time herein prescribed for the receipt of bids, unless such time of award is waived by the successful bidder. PLACE OF DELIVERY; CANCELLATION FOR LATE DELIVERY: It is expected that the Bonds will be delivered through the facilities of DTC for the account of the successful bidder on May 19,2015.The successful bidder shall have the right, at its option,to cancel its obligation to purchase the Bonds if the Bonds are not tendered for delivery within sixty (60)days from the date of the sale the�eof, and in such event the successful bidder shall be entitled to the return of the deposit accompanying his bid. GOOD FAITH DEPOSIT: Upon acceptance of its bid, the successfui bidder shall be required to make a good faith deposit(the"Deposit")of$190,000 by wire transfer in immediately available funds not later than 12:00 P.M. Pacific Daylight time on the next business day following the award, payable to the order of the Trustee, to secure the Authority from any loss resulting from the failure of the bidder to comply with the terms of its bid. Wiring instructions will be provided to the successful bidder. The Deposit shall be applied toward the purchase price of the Bonds at the time of delivery thereof. If aft�r the award of the Bonds the successful bidder or bidders fail to complete their purchase on the terms stated In their bid, the Deposit will be retained by the Authority. No interest on the Deposit will accrue to any bidder. If the purchase price is not paid in full upon tender of the Bands, the successful bidder shall have no right in or to the Bonds or to the recovery of its Deposit, or to any allowance or credit by reason of such Deposit, unless it shall appear that the Bonds would not be validly issued if delivered to the successful bidder in the form and manner proposed. In the event of nonpayment by the successful bidder, the amount of the Deposit shall be retained by the Authority as and for liquidated damages for such failure by the successful bidder, and such retention shall constitute a full release and discharge of all claims by the Authority against the successful bidder arising from such failure. The Authority's actual damages in such event may be greater or may be less than the amount of the Deposit. Each bidder waives any right to claim that the Authoriry's actual damages are less than such amount. CHANGE IN TAX EXEMPT STATUS: At any time before the Bonds are tendered for delivery, the successful bidder may disaffirm and withdraw his proposal if the interest received by private holders from bonds of the same type and character as the Bonds shall be declared to be taxable income under present federal income tax laws, either by a ruling of the Internal Revenue Service or by a decision of any federal court, or shall be declared taxable, or be required to be taken into account in computing federal income taxes (except alternative minimum taxes and environmental taxes payable by corporations) by any federal income tax law enacted subsequent to the date of this notice. CLOSING PAPERS; CERTIFICATE PRINTING: Each proposal will be understood to be conditioned upon the Authority furnishing to the purchaser, without charge, concunently with payment for and delivery of the Bonds, the follawing closing papers, each dated the date of delivery: 7