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RESOLUTION 94-002 SAFA Page 8 DELIVERY AND PAYMENT: Delivery of the Series 1994 Bonds will be made to the securities depository appointed by the Authority for the Series 1994 Bonds, as soon as the Series 1994 Bonds can be prepared, which it is estimated will be within 30 days from the date of sale, Payment for the Series 1994 Bonds must be made in immediately available funds. RIGHT OF CANCELLATION: The successful bidder shall have the right, at its option, to cancel the contract of purchase if the Authority shall fail to execute the Series 1994 Bonds hereby offered and tender the same for delivery within 60 days from the date of sale thereof, and in such event the successful bidder shall be entitled to the return of the deposit accompanying its bid. FORM OF BID: Ail bids must be for not less than all of the Series 1994 Bonds, and for not less than 98-1/2% of the par value thereof ($ ). All bids must be unconditional, in writing and signed by the bidder. Each bid, together with bidder's check, must be enclosed in a sealed envelope addressed to the Secretary of the Authority, and endorsed "Proposal for Santa Aha Financing Authority Water Revenue Bonds, Series 1994." ESTIMATED TRUE INTEREST COST: Each bidder is requested, but not required, to state in its bid the true interest cost to the Authority, which shall be considered as informative only and not binding on either the bidder or the Authority. GOOD FAITH DEPOSIT: A good faith deposit (the "Deposit") in the form of a cashier's check in immediately available funds drawn on a bank or trust company transacting business in the State of California, or a financial surety bond, in each case in an amount equal to $100,000, payable to the order of the Authority, is required with each bid to secure the Authority from any loss resulting from the failure of the bidder to comply with the terms of its bid. If a check is used, it must accompany the bid. If a financial surety bond is used, it must be from an insurance company licensed to issue such a bond in the State of California, and such bond must be submitted to the Authority financial advisor, identified below, prior to op~ning of the bids. The financial surety bond must identify the bidder whose Deposit is guaranteed~by such financial surety bond. If the Series 1994 Bonds are ~warded to a bidder submitting a financial surety bond, then said successful bidder is required to submit its Deposit to the Authority in the form of a cashier's check (meeting the requirements set forth above) or by wire transfer not later than 3:30 p.m. on the next business day following the award. If such Deposit is not received by that time, the financial surety bond shall be drawn by the Authority to satisfy the Deposit requirement. Wiring instructions will be provided to the successful bidder.