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(2) all bidders shall have: an equal opportunity to bid; <br />(3) the Issuer may receive bids from at least .three underwriters of municipal <br />bonds who have established industry reputations .for underwriting new issuances of <br />municipal bonds; and <br />(4) the Issuer anticipates awarding the sale of the 2024 Bonds to the bidder who <br />submits a firm offer to purchase the 2024 Bonds at the lowest true interest cost, as set forth <br />in this Official Notice of Sale. <br />Any bid submitted pursuant to this Official Notice of Sale shall be considered a firm offer <br />for the purchase of the 2024 Bonds, as specified in the bid. BY SUBMITTING A BID FOR THE <br />2024 BONDS, A BIDDER REPRESENTS AND WARRANTS TO THE ISSUER THAT THE <br />BIDDER HAS AN ESTABLISHED INDUSTRY REPUTATION FOR UNDERWRITING NEW <br />ISSUANCES OF MUNICIPAL BONDS SUCH AS THE 2024 BONDS AND SUCH BIDDER'S <br />BID IS SUBMITTED FOR. AND ON BEHALF OF SUCH BIDDER BY. AN OFFICER OR <br />AGENT WHO IS DULY AUTHORIZED TO BIND THE BIDDER TO A LEGAL, VALID AND <br />ENFORCEABLE CONTRACT FOR THE PURCHASE OF THE 2024 BONDS. Once the bids <br />are communicated electronically via the Parity System to the Issuer, each bid will constitute an <br />irrevocable offer to purchase the 2024 Bonds on the terms herein and therein provided. <br />In the event that the competitive sale requirements are not. satisfied, the Issuer shall so <br />advise the winning bidder. In such case, the Issuer shall treat the. first price at which 10% of a <br />maturity of the 2024 Bonds is sold to the public (the "10% o test") as the issue price of that maturity, <br />applied on a maturity -by -maturity basis. The winning bidder shall advise the Issuer if any maturity <br />of the 2024 Bonds satisfies the 10% test as of the date and time of the award of the 2024 Bonds. <br />The Issuer will not require bidders to comply with the "hold -the -offering -price rule" set forth in <br />Treasury Regulation Section 1.148-10)(2)(ii) and therefore does not intend to use the initial <br />offering price to the public as of the sale date of any maturity of the 2024 Bonds as the issue price <br />of that maturity. Bids will not be subject to cancellation in the event that the competitive sale <br />requirements are not satisfied. Bidders should LrMM their bids on the assumption that all of the <br />maturities of the 2024 Bonds will be subject to the 10% test in order to establish the issue price of <br />the 2024 Bonds. <br />If the competitive sale requirements are not satisfied, then until the 10%o test has been <br />satisfied as to each maturity of the 2024 Bonds, the winning bidder agrees to promptly report to <br />the Issuer the prices at which the unsold 2024 Bonds of each maturity have been sold to the public. <br />That reporting obligation shall continue,. whether or not. the closing date for the 2024 Bonds has <br />occurred, until the 10% test has been satisfied for each maturity or until all 2024 Bonds of that <br />maturity have been sold. <br />By submitting a bid and if the competitive- sale requirements are not met; each bidder <br />confirms that: (i) any agreement among underwriters, any selling group agreement and each retail <br />7 <br />