Primary Market Auction Rules

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(1) Bidder ("Bidder") submitting winning bid ("Winning Bid") is irrevocably obligated to purchase Bonds at rates and/or prices submitted, if acceptable to the Issuer, as set forth in the related Notice. Winning Bids are not officially awarded to Winning Bidders until formally accepted by Issuer.
(2) Grant Street Group, Inc. is not responsible for (a) technical difficulties that result in loss of Bidder's Internet connection with Grant Street Group's MuniAuction Web site ("MuniAuction"), (b) slowness in transmission of bids, (c) any other technical problem resulting in bid submission failure, or (d) any computational or data entry errors associated with using MuniComp.
(3) If for any reason Bidder is disconnected from Auction Page during an auction after having submitted a Winning Bid, bid is valid and binding upon Bidder, unless Issuer exercises its right to reject bids, as set forth in the related Notice.
(4) Bids which generate error messages are not accepted until the error is corrected and the bid is resubmitted.
(5) Bidders accept and agree to abide by all terms and conditions specified in the Notice (including Amendments, if any) related to each auction.
(6) Grant Street Group is not responsible for any defect or inaccuracy in the Notice, Amendments, and Preliminary Official Statement, as applicable, as they appear on MuniAuction.
(7) Only Bidders who request and receive admission to an auction may submit bids. Grant Street Group reserves the right to deny access to the MuniAuction Web site to any Bidder, at any time and for any reason whatsoever, in its sole and absolute discretion.
(8) Bidders are responsible for maintaining the confidentiality of their respective passwords.
(9) If two bids submitted in the same auction by the same or different Bidders result in the same displayed Yield-to-Maturity (in maturity-by-maturity or MBM auction) or the same displayed True Interest Cost (in all-or-none auction), the first confirmed bid received by MuniAuction prevails, unless stated otherwise in the related Notice. Any change to a submitted bid constitutes a new bid, regardless of whether there is a corresponding change in True Interest Cost or Yield-to-Maturity.
(10) Bidders must compare their final bids to those shown on the Observation Page immediately after the auction ends, and, if they disagree with the final results shown on the Observation Page, they must report them to Grant Street Group within 15 minutes after the auction ends. Regardless of the final results reported on MuniAuction, Bonds are definitively awarded to Winning Bidders only upon the official award by the Issuer. If, for any reason, the Issuer fails to: i) award Bonds to the winner reported on MuniAuction, or ii) deliver Bonds to Winning Bidders at settlement, Grant Street Group will not be liable for damages.
(11) 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.
(12) This Web site is provided "as is" without warranty whatsoever. Grant Street Group hereby disclaims any and all warranties, including without limitation any implied warranties of merchantability and/or fitness for a particular purpose.
(13) In no event will Grant Street Group be liable for indirect, special, incidental, economic, cover, consequential, tort, or other damages (including without limitation damages or costs relating to the loss of profits, business, goodwill, data or computer programs, even if advised of the possibility of such damages), without regard to the legal theory of such damages, arising out of the use or inability to use this Web site.
(14) 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 MuniAuction. 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" - any confirmed purchase offer received by MuniAuction on or before the auction deadline.
"Bidder" - any firm registered with MuniAuction and approved for participation in auctions.
"Bonds" - includes bonds, notes, and any other debt instrument.
"Notice" - issuer's official solicitation to Bidders which sets forth the terms and conditions Bidders agree to abide by.
"True Interest Cost" - calculation described in Notice related to each auction which serves as basis for awarding Bonds to Winning Bidders in all-or-none auctions or all-or-none versus maturity-by-maturity auctions. Sometimes referred to as Net Interest Cost.
"Winning Bid" - any offer made by a Bidder by clicking the "Yes, Submit Bid" button which, at the end of the auction, results in: (a) the lowest True Interest Cost in an all-or-none auction, (b) the lowest Yield-to-Maturity or Net Interest Cost for any maturity in a maturity-by-maturity auction, or (c) the lowest True Interest Cost in an all-or-none versus maturity-by-maturity auction; and which is acceptable to the Issuer.
"Winning Bidder" - Bidder submitting Winning Bid
"Yield-to-Maturity" - calculation described in Notice related to each auction which serves as basis for awarding Bonds to Winning Bidders in all-or-none auctions or all-or-none versus maturity-by-maturity auctions.


GIC Auction Rules

[ go to Primary Market Auction rules ] [ go to Lease Auction rules ]
(1) Bidder ("Bidder") submitting winning bid ("Winning Bid") is irrevocably obligated to provide Investments based on its bid, including conditions (if any), if acceptable to the Purchaser, as set forth in the related Terms. Winning Bids are not official until formally awarded by Purchaser.
(2) Grant Street Group, Inc. is not responsible for (a) technical difficulties that result in loss of Bidder's Internet connection with Grant Street Group's MuniAuction Web site ("MuniAuction"), (b) slowness in transmission of bids, or (c) any other technical problem resulting in bid submission failure.
(3) If for any reason Bidder is disconnected from Auction Page during an auction after having submitted a Winning Bid, bid is valid and binding upon Bidder, unless Purchaser exercises its right to reject bids, as set forth in the related Terms.
(4) Bids which generate error messages are not accepted until the error is corrected and the bid is resubmitted.
(5) Bidders accept and agree to abide by all terms and conditions specified in the Terms (including Amendments, if any) related to each auction.
(6) Grant Street Group is not responsible for any defect or inaccuracy in the Terms and Amendments as they appear on MuniAuction.
(7) Only Bidders who request and receive admission to an auction may submit bids. Grant Street Group reserves the right to deny access to the MuniAuction Web site to any Bidder, at any time and for any reason whatsoever, in its sole and absolute discretion.
(8) Bidders are responsible for maintaining the confidentiality of their respective passwords.
(9) If two or more bids submitted in the same auction by different Bidders result in a tie, the first confirmed bid received by MuniAuction prevails, unless stated otherwise in the related Terms. Any change to a submitted bid constitutes a new bid.
(10) Bidders must compare their final bids to those shown on the Observation Page. If Bidders disagree with the final results shown on the Observation Page, the discrepancies must be reported to Grant Street Group within 15 minutes of the posting of the final results on MuniAuction. Investments are definitively awarded to Winning Bidders only upon official award by the Purchaser. If, for any reason: i) the Purchaser fails to award Investments to the leading bid at the conclusion of the auction, or ii) funding of Investments does not occur or is delayed, Grant Street Group shall not be liable for damages.
(11) 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.
(12) This Web site is provided "as is" without warranty whatsoever. Grant Street Group hereby disclaims any and all warranties, including without limitation any implied warranties of merchantability and/or fitness for a particular purpose.
(13) In no event will Grant Street Group be liable for indirect, special, incidental, economic, cover, consequential, tort, or other damages (including without limitation damages or costs relating to the loss of profits, business, goodwill, data or computer programs, even if advised of the possibility of such damages), without regard to the legal theory of such damages, arising out of the use or inability to use this Web site.
(14) 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 MuniAuction. 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.
[ return to top of GIC Auction rules ]

Definitions:
"Bid" - any confirmed offer to provide Investments received by MuniAuction on or before the auction deadline.
"Bidder" - any firm registered with MuniAuction and approved for participation in auctions.
"Investments" - includes investment agreements, repurchase agreements and any other investment vehicle.
"Terms" - Purchaser's official solicitation to Bidders which sets forth the terms and conditions Bidders agree to abide by.
"Winning Bid" - any offer made by a Bidder by clicking the "Yes, Submit Bid" button which, at the end of the auction, results in an award of the Investments by the Purchaser.
"Winning Bidder" - Bidder submitting Winning Bid


Lease Auction Rules

[ go to Primary Market Auction rules ] [ go to GIC Auction rules ]
(1) Bidder ("Bidder") submitting winning bid ("Winning Bid") is irrevocably obligated to purchase Lease at rate submitted, if acceptable to the Lessor, as set forth in the related Notice. Winning Bids are not officially awarded to Winning Bidders until formally accepted by Lessor.
(2) Grant Street Group, Inc. is not responsible for (a) technical difficulties that result in loss of Bidder's Internet connection with Grant Street Group's MuniAuction Web site ("MuniAuction"), (b) slowness in transmission of bids, or (c) any other technical problem resulting in bid submission failure.
(3) If for any reason Bidder is disconnected from Auction Page during an auction after having submitted a Winning Bid, bid is valid and binding upon Bidder, unless Lessor exercises its right to reject bids.
(4) Bids which generate error messages are not accepted until the error is corrected and the bid is resubmitted.
(5) Bidders accept and agree to abide by all terms and conditions specified in the Lease Documents (including Amendments, if any) related to each auction.
(6) Grant Street Group is not responsible for any defect or inaccuracy in the Lease Documents, Amendments, or Financials, as they appear on MuniAuction.
(7) Grant Street Group bears no liability regarding the credit worthiness of the Lessee and is not responsible for the Lessee's ability to meet the lease obligations.
(8) Only Bidders who request and receive admission to an auction may submit bids. Grant Street Group reserves the right to deny access to the MuniAuction Web site to any Bidder, at any time and for any reason whatsoever, in its sole and absolute discretion.
(9) Bidders are responsible for maintaining the confidentiality of their respective passwords.
(10) If two bids submitted in the same auction by the same or different Bidders are the same, the first confirmed bid received by MuniAuction prevails, unless Lessor elects otherwise. Any change to a submitted bid constitutes a new bid.
(11) Regardless of the final results reported on MuniAuction, Leases are awarded to Winning Bidders by the Lessor and if, for any reason, the Lessor fails to award Lease to the winner reported on MuniAuction, Grant Street Group will not be responsible or liable for damages.
(12) Bidders who submit bids on the Auction Page by clicking the "Submit Bid" button must confirm their bids by clicking the "Yes, Submit Bid" button on the Confirmation Page.
(13) This Web site is provided "as is" without warranty of any kind. Grant Street Group hereby disclaims any and all warranties, including without limitation any implied warranties of merchantability and/or fitness for a particular purpose.
(14) In no event will Grant Street Group be liable for indirect, special, incidental, economic, cover, consequential, tort, or other damages (including without limitation damages or costs relating to the loss of profits, business, goodwill, data or computer programs, even if advised of the possibility of such damages), without regard to the legal theory of such damages, arising out of the use or inability to use this Web site.
[ return to top of Lease Auction rules ]

Definitions:
"Bid" - any confirmed purchase offer received by MuniAuction on or before the auction deadline.
"Bidder" - any firm registered with MuniAuction and approved for participation in auctions.
"Lease" - a contract through which an owner of equipment (the lessor) conveys the right to use its equipment to another party (the lessee) for a specified period of time (the lease term) for specified periodic payments.
"Lessee" - the party to a lease agreement who is obligated to pay the rentals to the lessor and is entitled to use and possess the lease equipment during the lease term.
"Lessor" - the party to a lease agreement who has legal or tax title to the equipment (in the case of a true tax lease), grants the lessee the right to use the equipment for the lease term and is entitled to receive the rental payments.
"Rate" - Interest Cost Figure entered by bidders that serves as basis for awarding Leases to Winning Bidders.
"Winning Bid" - any offer made by a Bidder by clicking the "Yes, Submit Bid" button which, at the end of the auction, results in the lowest Rate.
"Winning Bidder" - Bidder submitting Winning Bid

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