1988-06-17 Resolution 6 - Laserfiche WebLink

Home Browse Search

r to the date of delivery, will be considered. The Secretary shall • have full right to reject any and all bids. In the event no acceptable bid is received at the time fixed for the sale of said Bonds, the Secretary shall be authorized to continue to receive bids from day to day thereafter for a period not to exceed thirty - (30) days, without readvertising; provided, however, that if said sale be continued, 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 of the Bonds. Prior to the delivery of the Bonds the Secretary shall be authorized to obtain a legal opinion as to the validity of the Bonds from Baker & Daniels, bond counsel for the Authority, and to furnish such opinion to the purchaser or purchasers of the Bonds. The cost of such opinion shall be considered as part of the costs incidental • to the issuance of the Bonds and shall be paid out of proceeds of said Bonds. Section 7. If the President and the Treasurer, with the advice of the financial advisor to the Authority, determine that market conditions at the time of the sale of the Bonds are such that the Authority is able to finance the construction of the Facility and the acquisition of the site therefor by issuing Bonds in an aggregate principal amount which is-less than $4,575,000, then the Authority shall issue such lesser principal amount of Bonds. Section 8. After the sale of the Bonds, the President and the Secretary are authorized to complete the Trust Agreement and then to execute the same on behalf of the Authority. • -5-