10A Action 2008 0602 Attach - Official Notice of Sale

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for the changes announced by Thompson Municipal News at the time the sale date and time are announced. RIGHT OF REJECTION: The Agency reserves the right, in their sole discretion, to reject any and all bids and to waive any irregularity or informality in any bid except that no bids will be accepted later than 9:00 A.M. on the date set for receipt of bids. PROMPT AWARD: Authorized representatives of the Agency will take action awarding the sale of the Bonds or reject all bids not later than twenty-six (26) hours after the expiration of time herein prescribed for the receipt of bids and until such expiration of time all bids received shall be irrevocable. Unless such time of award is waived by the successful bidder, the award may be made after the expiration of the specified time if the bidder shall not have given to the Agency notice in writing of the withdrawal of such proposal. Notice of the award will be given promptly to the successful bidder. DELIVERY AND PAYMENT: Delivery of the Bonds will be made to the successful bidder in New York, New York, as soon as the Bonds can be prepared, which is estimated to be July 2, 2008. The Bonds will be delivered in full book-entry form through the facilities of The Depository Trust Company. Payment for the Bonds must be made in immediately available funds to the Trustee. Any expense in providing immediately available funds shall be borne by the purchaser. GOOD FAITH DEPOSIT: A good faith deposit ("Deposit") in the form of a Financial Surety Bond in the amount of $300,000 payable to the order of the Trustee is required for each bid to be considered. The Financial Surety Bond must be from an insurance company licensed to issue such bond in the State of California, and such bond must be submitted to the Financial Advisor prior to the opening of the bids. The Financial Surety Bond must identify each bidder whose Deposit is guaranteed by such Financial Surety Bond, When the Bonds are awarded to a bidder, then such bidder must submit its Deposit to the Trustee in the form of a cashier's check (or wire transfer such amount as instructed by the Agency or such Financial Advisor) not later than 12:30 P.M. California time on the next business day following the award. If such Deposit is not received by that time, the Financial Surety may be drawn by the Agency to satisfy the Deposit requirement. The amount of the deposit will be applied as a credit towards the payment of the purchase price by the successful bidder. If after award of the Bonds, the successful bidder fails to complete its purchase on the terms stated in its proposal, the full amount of the good faith deposit will be retained by the Agency. RIGHT OF CANCELLATION: The successful bidder shall have the right, at its option, to cancel its purchase of the Bonds if the Agency shall fail to cause the execution and delivery of the Bonds and tender the same for delivery within 30 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. ESTIMATE OF TRUE INTEREST RATE: Each bidder is requested, but not required, to state in its bid the true interest cost, as described under the caption "BEST BID" herein, which shall be considered as informative only and not binding on either the bidder or the Agency. CERTIFICATION OF REOFFERING PRICE: The successful bidder will, within one hour after being notified of the award of the Bonds on the sale date (the "Sale Date"), advise the Agency's Financial Advisor of the initial public offering prices (the "Initial Offering Prices") of the Bonds. For this purpose, the general public does not include bond houses, brokers or similar -6-