No. 0747 authorizing the issuance of tax increment revenue bonds for the purpose of raising money for property acquisition and redevelopment in the SBCDA

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M' for which the Bonds are being issued, the total amount thereof, the maximum rate of interest thereon, the time and place of payment, the terms and conditions on which the bids will be received and the sale made, and such other information as the Controller shall deem necessary. The notice of said sale shall not, however, be published prior to the expiration of the period during which taxpayers may file objecting peti- tions pursuant to IC 6- 1.1 -20 -5. In the event an objecting petition or petitions are filed by taxpayers under the provi- sions of IC 6- 1.1 -20 -5, then the Bond sale notice shall not be published unless and until the State Board of Tax Commissioners shall issue its order approving the issuance of the Bonds. In the event it shall be determined by the State Board of Tax Commissioners, or otherwise, that the whole amount of the Bonds herein authorized shall not be issued, then the Controller shall be authorized to advertise and sell a lesser amount of Bonds. The Bonds not issued shall be an amount for each maturity set out in Section 1 that is in Authorized Denominations and most closely repre- sents a pro rata reduction for each maturity. Bidders for the Bonds shall be required to name the rate or rates of interest which the Bonds are to bear, not exceeding the maximum rate hereinabove fixed, and such interest rate or rates shall be in multiples of 1/8 or 1/20 of one percent (1%). Bids specifying more than one interest rate shall also specify the amount and maturities of the Bonds bearing each rate and all Bonds maturing on the same date shall bear the same rate. No rate for any maturity shall be more than one percent (1%) lower than any prior rate. Subject to provisions contained below, the Controller shall award the Bonds to the bidder offering the lowest interest cost to be determined by computing the total interest on all of the Bonds from the date thereof to the date of their maturities and deducting therefrom the premium bid, if any or adding thereto the amount of any discount, if any. No bid for less than ninety -seven percent (97 %) of the par value of the Bonds, and accrued interest at the rate named to the date of delivery, shall be considered. If no acceptable bid is received at the time fixed for the sale of the Bonds, then the sale may be continued from day to day for a period not to exceed Thirty (30) days without readvertising. During the continuation of the sale, no bid shall be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for the sale in the Bond sale notice. The acceptability of a bid is within the sole discretion of the Controller. SECTION 11. Instead of proceeding with an adver- tised public sale, as provided in Section 10, above, the Controller in his discretion may sell the Bonds by private negotiated sale, as provided by IC 36- 7- 14- 25.1(8). However, -19-