(1) A Bidder ("Bidder") submitting a winning bid ("Winning Bid") is irrevocably obligated to purchase the bonds at the rates and prices of the winning bid, if acceptable to the Issuer, as set forth in related Invitation to Bid. Winning Bids are not officially awarded to Winning Bidders until formally accepted by Issuer.
(2) Neither PFM nor Grant Street Group (the "Auction Administrator") is responsible for technical difficulties that result in loss of Bidder's internet connection with PFMauction, slowness in transmission of bids, or other technical problems.
(3) If for any reason Bidder is disconnected from Auction Page during the auction after having submitted a Winning Bid, bid is valid and binding upon Bidder, unless the Issuer exercises its right to reject bids, as set forth in related Invitation to Bid.
(4) Bids which generate error messages are not accepted until error is corrected and bid is received prior to the deadline.
(5) Bidders accept and agree to abide by all terms and conditions specified in the Invitation to Bid (including Amendments, if any) related to each auction.
(6) Neither PFM nor the Auction Administrator is responsible to any bidder for any defect or inaccuracy in Invitation to Bid, Amendments, or Preliminary Official Statement as they appear on PFMauction.
(7) Only Bidders who request and receive admission to an auction may Submit Bids. PFM and the Auction Administrator reserve the right to deny access to PFMauction website to any Bidder, whether registered or not, at any time and for any reason whatsoever, in their sole and absolute discretion.
(8) Neither PFM or Auction Administrator is responsible for protecting the confidentiality of a Bidders PFMauction password.
(9) If two bids submitted in same auction by same or different Bidders result in same displayed Yield-to-Maturity (in maturity-by-maturity auction) or same displayed True Interest Cost (in all-or-none auction), first confirmed bid received by PFMauction prevails. 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 Pages immediately after the bidding time period ends, and if they disagree with final results shown on Observation Pages, they must report them to PFMauction within 15 minutes after the bidding time period ends. Regardless of the final results reported by PFMauction, and regardless of verbal confirmation of the winning bid by the MBM Clearing Agent, bonds are definitively awarded to winning bidders only upon official award by the Issuer. If, for any reason, the Issuer fails to: i) award bonds to the winner reported by PFMauction and confirmed by the MBM Clearing Agent, or ii) deliver bonds to winning bidders at settlement, PFM, the Auction Administrator, and the MBM Clearing Agent 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) 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 PFMauction. 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.

Definitions:
"Bid" - any confirmed purchase offer received by PFMauction on or before the auction deadline.
"Bidder" - any firm registered with either PFMauction or Grant Street Group and approved for participation in auctions.
"Winning Bid" - any purchase offer made by a Bidder by clicking the "Submit Bid" button and received by PFMauction which, at the end of the bidding time period, results in: (a) the lowest True Interest Cost in an all-or-none auction (b) the lowest Yield-to-Maturity 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 Municipality.
"True Interest Cost" - calculation described in Invitation to Bid related to each auction which serves as basis for awarding bonds to Winning Bidders in all-or-none only auction or all-or-none versus maturity-by-maturity auctions.


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For information about this bond sale, call PFM at (717) 232-2723.
Please direct questions and comments regarding bidding procedures to the Auction Administrator or call (412) 391-5555 (ext. 309).

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