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bid on any maturity of bonds shall be no less than the interest <br />rate bid on any and all prior maturities of Bonds, not exceeding <br />ten percent (10%) per annum, and such interest rate or rates shall <br />be in multiples of one-eighth (1/8) or one-twentieth (1/20) of one <br />percent (1%). The Controller shall award the Bonds to the bidder <br />who offers the lowest interest cost, to be determined by computing <br />the total interest on all the Bonds to their maturities and <br />deducting therefrom the premium bid, if any, or adding thereto the <br />amount of the discount, if any. No bid for less than ninety-nine <br />percent (99%) of the par value of the Bonds and accrued interest <br />shall be considered, provided, that an additional discount of up to <br />one percent (1%) is permissible to the extent used by the bidder to <br />purchase bond insurance in the event a rating is not obtained for <br />the Bonds. The Controller may require that all bids shall be <br />accompanied by certified or cashier's checks payable to the order <br />of the Department of Redevelopment in the amount of not to exceed <br />one percent of the principal amount of the Bonds as a guaranty of <br />the performance of said bid, should it be accepted. In the event <br />no satisfactory bids are received on the day named in the sale <br />notice, the sale may be continued from day to day thereafter for a <br />period of thirty (30) days without readvertisement; provided, <br />however, that if said sale be continued, no bid shall be accepted <br />which offers an interest cost which is equal to or higher than the <br />best bid received at the time fixed for sale in the bond sale <br />notice. The Controller shall have full right to reject any and all <br />bids. <br />-16- <br />