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1998-01-21 Resolution 117
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1998-01-21 Resolution 117
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7/16/2008 2:29:22 PM
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• interest cost to the Authority, to be dete~inco' by computing the total interest on all of the Bonds <br />from the date thereof to their maturities and deducting therefrom the premium bid, if any, or adding <br />thereto the amount of any discount, if any. No bid-for less than ninety-nine percent (99%) of the <br />aggregate principal amount of the bonds, plus accrued interest at the rate or rates named to the date <br />of delivery, will be considered. The Secretary-Treasurer shall have full right~to reject any and all <br />bids. In the event no acceptable bid is received at the time fixed for the sale of said Bonds, the <br />Secretary-Treasurer shall be authorized to continue to receive bids from day to day thereafter for a <br />period not to exceed thirty (30) days, without readvertising; provided, however, that if said sale be <br />continued, no bid shall be accepted which offers an interest cost which is equal to or higher than the <br />best bid received at the time fixed for the sale of the Bonds. Prior to the delivery of the Bonds the <br />Secretary-Treasurer shall be authorized to obtain a legal opinion as to the validity of the Bonds from <br />• Baker & Daniels, bond counsel for the Authority, and to furnish such opinion to the purchaser or <br />purchasers of the Bonds. The cost of such opinion shall be considered as part of the costs incidental <br />to the issuance of the Bonds and shall be paid out of proceeds of said Bonds. <br />Section 9. If the President and the Secretary-Treasurer, with the advice of the <br />financial advisor to the Authority, determine that market conditions at the time of the sale of the <br />Bonds are such that the Authority is able to finance the Project by issuing Bonds in an aggregate <br />principal amount which is less than $15,000,000, then the Authority shall issue such lesser principal <br />amount of Bonds. <br />Section 10. After the sale of the Bonds, the President and the Secretary-Treasurer <br />are authorized to complete the Trust Agreement and then to execute the same on behalf of the <br />Authority. <br />• <br />-6- <br />::ODMA\I'CDOCS\SBDOCS i\5980\ i <br />
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