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(1)
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A Bidder ("Bidder") submitting a winning bid ("Winning Bid") is irrevocably
obligated to purchase the Bonds at the rates submitted, if acceptable to
the Issuer, as set forth in related Notice. Winning Bids are not officially
awarded to Winning Bidders until formally accepted by Issuer. Bidder
("Bidder") submitting winning bid ("Winning Bid") is irrevocably obligated
to purchase Bonds or provide Investments at rates and/or prices submitted,
if acceptable to the Issuer, as set forth in related Notice. Winning Bids
are not officially awarded to Winning Bidders until formally accepted by
Issuer.
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(2)
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Neither Fiscal Advisors & Marketing, Inc. nor Grant Street Group (the
"Auction Administrator") is responsible for technical difficulties that
result in loss of Bidder's internet connection with the FiscalAdvisorsAuction
website, slowness in transmission of bids, or other technical problems.
MuniAuction is not responsible for technical difficulties that result in
loss of Bidder's internet connection with MuniAuction, slowness in
transmission of bids, or other technical problems.
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(3)
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If for any reason Bidder is disconnected from Auction Page during an auction
after having submitted a Winning Bid, such bid is valid and binding upon
Bidder, unless Issuer exercises its right to reject bids, as set forth in
related Notice.
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(4)
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Bids that generate error messages are not accepted until error is corrected
and bid is received prior to the bid deadline.
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(5)
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Bidders accept and agree to abide by all terms and conditions specified in
Notice (including Amendments, if any) related to each auction.
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(6)
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Neither Fiscal Advisors & Marketing, Inc. nor the Auction Administrator
is responsible for any defect or inaccuracy in the Notice, Amendments, and
Preliminary Official Statement, as applicable, as they appear on the
FiscalAdvisorsAuction website.
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(7)
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Only Bidders admitted to an auction may submit bids. Fiscal Advisors &
Marketing, Inc. and the Auction Administrator reserve the right to deny
access to the FiscalAdvisorsAuction website to any Bidder, whether
registered or not, at any time and for any reason whatsoever, in their sole
and absolute discretion.
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(8)
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Neither Fiscal Advisors & Marketing, Inc. nor the Auction Administrator
is responsible for protecting the confidentiality of a Bidder's
FiscalAdvisorsAuction website password.
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(9)
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If two bids submitted in same auction by same or different Bidders result
in same displayed Net Interest Cost, the first confirmed bid received on
the FiscalAdvisorsAuction website prevails, unless stated otherwise in
related Notice. Any change to a submitted bid constitutes a new bid,
regardless of whether there is a corresponding change in Net Interest Cost.
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(10)
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Bidders must compare their final bids to those shown on the Observation
Pages immediately after the auction ends, and if they disagree with final
results shown on Observation Pages they must report them to Fiscal Advisors
& Marketing, Inc. within 15 minutes after the auction ends. Regardless
of final results reported on the FiscalAdvisorsAuction website, Bonds are
definitively awarded to winning bidders only upon official award by the
Issuer. If, for any reason, the Issuer fails to: i) award Bonds to the
winner reported on the FiscalAdvisorsAuction website, or ii) deliver Bonds
to winning bidders at settlement, neither Fiscal Advisors & Marketing,
Inc. nor the Auction Administrator will be liable for damages.
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(11)
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Bidders who submit a bid on the Auction Page by clicking the 'Submit Bid'
button must confirm that bid by clicking the 'Yes, Submit Bid' button on
the Confirmation Page.
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(12)
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For auctions utilizing the "Two Minute Rule", if any bid becomes a leading
bid within two (2) minutes prior to the scheduled end of the auction, then
the auction will be automatically extended for two (2) minutes from the time
such new leading bid was received by the FiscalAdvisorsAuction website. The
auction end time will continue to be extended, indefinitely, until all
leading bid(s) remain the leading bid(s) for at least two minutes, unless an
absolute end time is stipulated in the Notice.
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Definitions:
"Bid" -
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any confirmed purchase offer received by the FiscalAdvisorsAuction
website on or before the auction deadline.
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"Bidder" -
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any firm registered with either the FiscalAdvisorsAuction website or the
Auction Administrator and approved for participation in auctions.
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"Bonds" -
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includes bonds, notes, and any other debt instrument.
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"Notice" -
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Issuer's official solicitation to Bidders that sets forth the terms and
conditions Bidders agree to abide by.
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"Winning Bid" -
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any purchase offer made by a Bidder by clicking the 'Yes, Submit Bid'
button on the bid Confirmation Page, which, at the end of the auction,
results in the lowest Net Interest Cost as set out in the Notice, and
which is acceptable to the Issuer.
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"Net Interest Cost" -
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calculation described in Notice, which serves as basis for awarding
Bonds to winning Bidders.
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Go to: FiscalAdvisorsAuction Home Page
For information about a sale call Fiscal Advisors & Marketing, Inc. at (315) 752-0051.
For auction support call (412) 391-5555 ext 1370 or email
Auction Administrator.
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