Common use of Bona Fide Solicitation for Bids Clause in Contracts

Bona Fide Solicitation for Bids. The Corporation or the Bond Trustee makes a bona fide solicitation for the Guaranteed Investment Contract, using the following procedures: (A) The bid specifications are in writing and are timely forwarded to potential providers, or are made available on an internet website or other similar electronic media that is regularly used to post bid specifications to potential bidders. A writing includes a hard copy, a fax, or an electronic e-mail copy. (B) The bid specifications include all “material” terms of the bid. A term is material if it may directly or indirectly affect the yield or the cost of the Guaranteed Investment Contract. (C) The bid specifications include a statement notifying potential providers that submission of a bid is a representation (i) that the potential provider did not consult with any other potential provider about its bid, (ii) that the bid was determined without regard to any other formal or informal agreement that the potential provider has with the County, the Corporation, the Bond Trustee, or any other person (whether or not in connection with the bond issue), and (iii) that the bid is not being submitted solely as a courtesy to the County, the Corporation, the Bond Trustee, or any other person, for purposes of satisfying the requirements of the Regulations. (D) The terms of the bid specifications are “commercially reasonable.” A term is commercially reasonable if there is a legitimate business purpose for the term other than to increase the purchase price or reduce the yield of the Guaranteed Investment Contract. (E) The terms of the solicitation take into account the Corporation’s reasonably expected deposit and draw-down schedule for the amounts to be invested. (F) All potential providers have an equal opportunity to bid. If the bidding process affords any opportunity for a potential provider to review other bids before providing a bid, then providers have an equal opportunity to bid only if all potential providers have an equal opportunity to review other bids. Thus, no potential provider may be given an opportunity to review other bids that is not equally given to all potential providers (that is no exclusive “last look”). (G) At least 3 “reasonably competitive providers” are solicited for bids. A reasonably competitive provider is a provider that has an established industry reputation as a competitive provider of the type of investments being purchased.

Bona Fide Solicitation for Bids. The Corporation City or the Bond Trustee makes a bona fide solicitation for the Guaranteed Investment Contract, using the following procedures: (A) The bid specifications are in writing and are timely forwarded to potential providers, or are made available on an internet website or other similar electronic media that is regularly used to post bid specifications to potential bidders. A writing includes a hard copy, a fax, or an electronic e-mail copy. (B) The bid specifications include all “material” terms of the bid. A term is material if it may directly or indirectly affect the yield or the cost of the Guaranteed Investment Contract. (C) The bid specifications include a statement notifying potential providers that submission of a bid is a representation (i) that the potential provider did not consult with any other potential provider about its bid, (ii) that the bid was determined without regard to any other formal or informal agreement that the potential provider has with the CountyBoard, the CorporationCity, the Bond Trustee, or any other person (whether or not in connection with the bond issue), and (iii) that the bid is not being submitted solely as a courtesy to the CountyBoard, the CorporationCity, the Bond Trustee, or any other person, for purposes of satisfying the requirements of the Regulations. (D) The terms of the bid specifications are “commercially reasonable.” A term is commercially reasonable if there is a legitimate business purpose for the term other than to increase the purchase price or reduce the yield of the Guaranteed Investment Contract. (E) The terms of the solicitation take into account the CorporationCity’s reasonably expected deposit and draw-down schedule for the amounts to be invested. (F) All potential providers have an equal opportunity to bid. If the bidding process affords any opportunity for a potential provider to review other bids before providing a bid, then providers have an equal opportunity to bid only if all potential providers have an equal opportunity to review other bids. Thus, no potential provider may be given an opportunity to review other bids that is not equally given to all potential providers (that is no exclusive “last look”). (G) At least 3 “reasonably competitive providers” are solicited for bids. A reasonably competitive provider is a provider that has an established industry reputation as a competitive provider of the type of investments being purchased.

Bona Fide Solicitation for Bids. The Corporation Borrower or the Bond Trustee makes a bona fide solicitation for the Guaranteed Investment Contract, using the following procedures: (A) The bid specifications are in writing and are timely forwarded to potential providers, providers or are made available on an internet website or other similar electronic media that is regularly used to post bid specifications to potential bidders. A writing includes a hard copy, a fax, or an electronic e-mail copy. (B) The bid specifications include all “material” terms of the bid. A term is material if it may directly or indirectly affect the yield or the cost of the Guaranteed Investment Contract. (C) The bid specifications include a statement notifying potential providers that submission of a bid is a representation (ia) that the potential provider did not consult with any other potential provider about its bid, (iib) that the bid was determined without regard to any other formal or informal agreement that the potential provider has with the CountyIssuer, the CorporationBorrower, the Bond Trustee, or any other person (whether or not in connection with the bond issue), and (iiic) that the bid is not being submitted solely as a courtesy to the CountyIssuer, the CorporationBorrower, the Bond Trustee, or any other person, for purposes of satisfying the requirements of the Regulations. (D) The terms of the bid specifications are “commercially reasonable.” A term is commercially reasonable if there is a legitimate business purpose for the term other than to increase the purchase price or reduce the yield of the Guaranteed Investment Contract. (E) The terms of the solicitation take into account the CorporationBorrower’s reasonably expected deposit and draw-down drawdown schedule for the amounts to be invested. (F) All potential providers have an equal opportunity to bid. If the bidding process affords any opportunity for a potential provider to review other bids before providing a bid, then providers have an equal opportunity to bid only if all potential providers provides have an equal opportunity to review other bids. Thus, no potential provider may be given an the opportunity to review other bids that is not equally given to all potential providers provides (that is no exclusive “last look”). (G) At least 3 “reasonably competitive providers” are solicited for bids. A reasonably competitive provider is a provider that has an established industry reputation as a competitive provider of the type of investments being purchased.

Bona Fide Solicitation for Bids. The Corporation or the Bond Trustee makes a bona fide solicitation for the Guaranteed Investment Contract, using the following procedures: (Ai) The bid specifications are in writing and are timely forwarded to potential providers, or are made available on an internet website or other similar electronic media that is regularly used to post bid specifications to potential bidders. A writing includes a hard copy, a fax, or an electronic e-mail copy. (Bii) The bid specifications include all “material” terms of the bid. A term is material if it may directly or indirectly affect the yield or the cost of the Guaranteed Investment Contract. (Ciii) The bid specifications include a statement notifying potential providers that submission of a bid is a representation (iA) that the potential provider did not consult with any other potential provider about its bid, (iiB) that the bid was determined without regard to any other formal or informal agreement that the potential provider has with the County, the Corporation, the Bond Trustee, or any other person (whether or not in connection with the bond issue), and (iiiC) that the bid is not being submitted solely as a courtesy to the County, the Corporation, the Bond Trustee, or any other person, for purposes of satisfying the requirements of the Regulations. (Div) The terms of the bid specifications are “commercially reasonable.” A term is commercially reasonable if there is a legitimate business purpose for the term other than to increase the purchase price or reduce the yield of the Guaranteed Investment Contract. (Ev) The terms of the solicitation take into account the Corporation’s reasonably expected deposit and draw-down schedule for the amounts to be invested. (Fvi) All potential providers have an equal opportunity to bid. If the bidding process affords any opportunity for a potential provider to review other bids before providing a bid, then providers have an equal opportunity to bid only if all potential providers have an equal opportunity to review other bids. Thus, no potential provider may be given an opportunity to review other bids that is not equally given to all potential providers (that is no exclusive “last look”). (Gvii) At least 3 “reasonably competitive providers” are solicited for bids. A reasonably competitive provider is a provider that has an established industry reputation as a competitive provider of the type of investments being purchased.

Bona Fide Solicitation for Bids. The Corporation Institution or the Bond Trustee makes a bona fide solicitation for the Guaranteed Investment Contract, using the following procedures: (A) The bid specifications are in writing and are timely forwarded to potential providers, or are made available on an internet website or other similar electronic media that is regularly used to post bid specifications to potential bidders. A writing includes a hard copy, a fax, or an electronic e-mail copy. (B) The bid specifications include all “material” terms of the bid. A term is material if it may directly or indirectly affect the yield or the cost of the Guaranteed Investment Contract. (C) The bid specifications include a statement notifying potential providers that submission of a bid is a representation (i) that the potential provider did not consult with any other potential provider about its bid, (ii) that the bid was determined without regard to any other formal or informal agreement that the potential provider has with the CountyIssuer, the CorporationInstitution, the Bond Trustee, or any other person (whether or not in connection with the bond issue), and (iii) that the bid is not being submitted solely as a courtesy to the CountyIssuer, the CorporationInstitution, the Bond Trustee, or any other person, for purposes of satisfying the requirements of the Regulations. (D) The terms of the bid specifications are “commercially reasonable.” A term is commercially reasonable if there is a legitimate business purpose for the term other than to increase the purchase price or reduce the yield of the Guaranteed Investment Contract. (E) The terms of the solicitation take into account the CorporationInstitution’s reasonably expected deposit and draw-down schedule for the amounts to be invested. (F) All potential providers have an equal opportunity to bid. If the bidding process affords any opportunity for a potential provider to review other bids before providing a bid, then providers have an equal opportunity to bid only if all potential providers have an equal opportunity to review other bids. Thus, no potential provider may be given an opportunity to review other bids that is not equally given to all potential providers (that is no exclusive “last look”). (G) At least 3 “reasonably competitive providers” are solicited for bids. A reasonably competitive provider is a provider that has an established industry reputation as a competitive provider of the type of investments being purchased.

Bona Fide Solicitation for Bids. The Corporation City or the Bond Trustee makes a bona fide solicitation for the Guaranteed Investment Contract, using the following procedures: (A) The bid specifications are in writing and are timely forwarded to potential providers, or are made available on an internet website or other similar electronic media that is regularly used to post bid bind specifications to potential bidders. A writing includes a hard copy, a fax, or an electronic e-mail copy. (B) The bid specifications include all “material” terms of the bid. A term is material if it may directly or indirectly affect the yield Yield or the cost of the Guaranteed Investment Contract. (C) The bid specifications include a statement notifying potential providers that submission of a bid is a representation (i) that the potential provider did not consult with any other potential provider about its bid, (ii) that the bid was determined without regard to any other formal or informal agreement that the potential provider has with the CountyCity, the Corporation, the Bond Trustee, or any other person (whether or not in connection with the bond issue), ) and (iii) that the bid is not being submitted solely as a courtesy to the CountyCity, the Corporation, the Bond Trustee, or any other person, for purposes of satisfying the requirements of the Regulations. (D) The terms of the bid specifications are “commercially reasonable.” A term is commercially reasonable if there is a legitimate business purpose for the term other than to increase the purchase price or reduce the yield of the Guaranteed Investment Contract. (E) The terms of the solicitation take into account the CorporationCity’s reasonably expected deposit and draw-down schedule for the amounts to be invested. (F) All potential providers have an equal opportunity to bid. If the bidding process affords any opportunity for a potential provider to review other bids before providing a bid, then providers have an equal opportunity to bid only if all potential providers have an equal opportunity to review other bids. Thus, no potential provider may be given an opportunity to review other bids that is not equally given to all potential providers (that there is no exclusive “last look”). (G) At least 3 three “reasonably competitive providers” are solicited for bids. A reasonably competitive provider is a provider that has an established industry reputation as a competitive provider of the type of investments Investments being purchased.

Bona Fide Solicitation for Bids. The Corporation or the Bond Trustee City makes a bona fide solicitation for the Guaranteed Investment Contract, using the following procedures: (Ai) The bid specifications are in writing and are timely forwarded to potential providers, or are made available on an internet website or other similar electronic media that is regularly used to post bid specifications to potential bidders. A writing includes a hard copy, a fax, or an electronic e-mail copy. (Bii) The bid specifications include all “material” terms of the bid. A term is material if it may directly or indirectly affect the yield Yield or the cost of the Guaranteed Investment Contract. (Ciii) The bid specifications include a statement notifying potential providers that submission of a bid is a representation (iA) that the potential provider did not consult with any other potential provider about its bid, (iiB) that the bid was determined without regard to any other formal or informal agreement that the potential provider has with the County, the Corporation, the Bond Trustee, City or any other person (whether or not in connection with the bond issue), and (iiiC) that the bid is not being submitted solely as a courtesy to the County, the Corporation, the Bond Trustee, City or any other person, for purposes of satisfying the requirements of the Regulations. (Div) The terms of the bid specifications are “commercially reasonable.” A term is commercially reasonable if there is a legitimate business purpose for the term other than to increase the purchase price or reduce the yield of the Guaranteed Investment Contract. (Ev) The terms of the solicitation take into account the CorporationCity’s reasonably expected deposit and draw-down schedule for the amounts to be invested. (Fvi) All potential providers have an equal opportunity to bid. If the bidding process affords any opportunity for a potential provider to review other bids before providing a bid, then providers have an equal opportunity to bid only if all potential providers have an equal opportunity to review other bids. Thus, no potential provider may be given an opportunity to review other bids that is not equally given to all potential providers (that is no exclusive “last look”). (Gvii) At least 3 “reasonably competitive providers” are solicited for bids. A reasonably competitive provider is a provider that has an established industry reputation as a competitive provider of the type of investments Investments being purchased.