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<br />• <br />• <br />Each person so registered shall be notified of the date and time <br />bids will be received not less than twenty-four (24) hours before <br />the date and time of sale. The notification shall be made by <br />telephone at the number furnished by the person, and also by <br />telex if the person furnishes a telex number. All bids for Bonds. <br />shall be sealed and shall be presented to the Secretary at the <br />principal office of the Authority, and the Secretary shall <br />continue to receive all bids offered until the hour fixed for the <br />sale of the Bonds, at which time and place he shall open and <br />consider each bid. Bidders for the Bonds shall be required to <br />name the rate or .rates of interest.-which the Bonds are to bear, <br />not exceeding twelve percent (12~) per annum. The interest rate <br />on Bonds of a given maturity must be at least as great as the <br />interest rate on Bonds of any earlier maturity. No total payment <br />due on any date for the payment of principal and interest shall <br />exceed $499,000. Bids specifying more than one interest rate <br />shall also specify the amount and maturities of the Bonds bearing <br />each rate, and all Bonds maturing on the same date shall bear the <br />same .single rate of interest. Subject to the provisions <br />contained below, the Secretary shall award the .Bonds to the <br />bidder offering the lowest net interest cost to the Authority, to <br />be determined by computing the total interest on all of the Bonds <br />from the date thereof to their maturities and deducting therefrom <br />the premium .bid, if any, or adding thereto the amount of any <br />discount, if any. No bid. for less than 98.50 of the par value of <br />said Bonds, including accrued interest at the rate or rates named <br />to the date of delivery, will be considered. The Secretary shall <br />have full right to reject any and all bids. In the 'event no <br />-4- <br />