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A <br />(z) The remaining proceeds from the sale of the Bonds <br />shall be deposited in the special fund hereby created and <br />established and designated as the "South Bend Redevelopment <br />District 1992 Bond Cost of Issuance Fund ", which Fund shall <br />be expended only for the purpose of paying costs of <br />issuance of the Bonds. <br />Section 5. Sale of Bonds. The Bonds shall be sold in <br />a competitive sale. All bids for the Bonds shall be sealed and <br />shall be presented to the Controller in accord with the terms set <br />forth in the bond sale notice. Bidders for said Bonds shall be <br />required to name the rate or rates of interest which Bonds are to <br />bear, which shall be the same for all Bonds maturing on the same <br />date and the interest rate bid on any maturity of bonds shall be no <br />less than the interest rate bid on any and all prior maturities of <br />Bonds, not exceeding ten percent (10 %) per annum, and such interest <br />rate or rates shall be in multiples of one - eighth (1/8) or <br />one - twentieth (1/20) of one percent (1 %) . The Controller shall <br />award the Bonds to the bidder who offers the lowest interest cost, <br />to be determined by computing the total interest on all the Bonds <br />to their maturities and deducting therefrom the premium bid, if <br />any, or adding thereto the amount of the discount, if any. No bid <br />for less than ninety -nine percent (99 %) of the par value of the <br />Bonds and accrued interest shall be considered. The Controller may <br />require that all bids shall be accompanied by certified or <br />cashier's checks payable to the order of the Department of <br />Redevelopment in the amount of not to exceed one percent of the <br />principal amount of the Bonds as a guaranty of the performance of <br />said bid, should it be accepted. In the event no satisfactory bids <br />are received on the day named in the sale notice, the sale may be <br />-15- <br />