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Financial Surety Bond may be drawn by the City to satisfy the Deposit requirement. No interest on the Deposit will accrue to the Purchaser. Certificate Insurance. Ambac Assurance Corporation (the "Certificate Insurer") has issued a commitment for a financial guaranty insurance policy relating to the Certificates. All bids may be conditioned upon the issuance, effective as of the date on which the Certificates are delivered, of a policy of insurance by the Certificate Insurer, insuring the payment when due of the principal of and interest on the Certificates. Each Certificate will bear a legend referring to the insurance. The purchaser, holder or owner is not authorized to make any statements concerning the insurance beyond those set out here and in such insurance legend in the Certificates without the approval of the Certificate Insurer. Rating. A "AAA" rating on the Certificates is expected to be issued by Standard & Poor's based on the Certificate Insurance Policy. CUSIP Numbers. CUSIP identification numbers will be printed on the Certificates, but neither the failure to print such number on any Certificate nor any error with respect thereto shall constitute cause for failure or refusal by the successful bidder to accept delivery of and pay for the Certificates in accordance with the terms of this Notice. The successful bidder shall be required to order CUSIP numbers for the Certificates, however, all expenses in relation to the assignment and printing of CUSIP numbers on the Certificates will be paid by the City. Bid Forms. All bids must be made on forms which may be procured from the City's Director of Finance. No additions or alteration in such forms shall be made and any erasures may cause rejection of any bid. The City reserves the right to waive irregularities and to reject any or all bids. Submission of Bids. Each bid must either: (i) be submitted electronically via PARITY® in accordance with this Notice, prior to 11:00 a.m., Central Time, on June 21, 2004. To the extent any instructions or directions set forth in PARITY® conflict with this Notice, the terms of this Notice shall control. Further information about the electronic bidding services of PARITY® may be obtained from I-Deal LLC at 40 West 23rd Street, 5th Floor, New York, New York, 10010, telephone (212) 404-8102; or (ii) be signed and submitted in a sealed envelope marked "Proposal for the Purchase of Certificates of Participation (City of University City, Missouri, Lessee), Series 2004" and addressed to the City's Special Tax Counsel, Mr. Robert Ballsrud, Gilmore & Bell, P.C. at the address given above. Proposals may be mailed or delivered in person and must be received by the City's Special Tax Counsel at the address given above prior to 11:00 a.m., Central Time, on June 21, 2004; or (iii) be submitted by telephone by contacting Mr. Robert Ballsrud at the Office of the City's Special Tax Counsel at (314) 436-1000, prior to 11:00 a.m., Central Time, on June 21, 2004. Bidders who transmit their proposal by telephone must submit a blank signed copy of the official Proposal for the Certificates in the manner set forth above in time to be received by the City's Special Tax Counsel prior to the sale time, which Proposal must provide the name and telephone number of the authorized representative of the lead manager of each account, must be signed by such representative and must list the members of the account thereon. The risk of any mistake on a telephone Proposal or a failure to access the telephone number prior to the indicated sale time is solely upon the party making the telephone Proposal and not the City or the City's Special Tax Counsel. Any bidder submitting a bid by phone in the manner described above acknowledges -6-