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. f K <br />~ ~' <br />Bidders for the Bonds shall be required to name the rate or rates of <br />interest which the bonds are to bear, not exceeding 12% per annum. <br />~' No rate for any maturity shall be lower than any prior rate. No <br />total payments of principal and interest due in any 12-month period <br />ending on a bond maturity date shall be in excess of $518,000. <br />Basis of Award: The Secretary of the Authority shall award the Bonds to the bidder <br />offering the lowest net interest cost to the Authority, to be <br />determined by computing the total interest on all of the Bonds from <br />the date thereof to their maturities and deducting therefrom the <br />premium bid, if any, or adding thereto the amount of any discount, <br />if any. Interest will be computed on the basis. of a 360-day year of <br />twelve 30-day months and wit) be rounded pursuant to the rules of <br />the MSRB. The Secretary shall have full right to reject any and all <br />bids. (n the event no acceptable bid is received at the sale, then the <br />sale may be continued from day-to-day for a period not to exceed 30 <br />days without readvertising. <br />Dated Date: First day of the month in which Bonds are to be originally delivered. <br />The anticipated dated date is August I, 1988. <br />Settlement Date: The Bonds will be delivered within 45 .days following the date of the <br />award. At the time of delivery, the approving opinion of Baker & <br />Daniels, bond counsel, of Indianapolis, Indiana, will be furnished to <br />the successful bidder. <br />Maturity: Bonds will mature serially on February I in the years 1990-2009. <br />Interest: .Interest will be due semi-annually commencing February (, 1989. <br />~.d-Early Redemption: Bonds maturing on or after February 1, 1999 are subject to early <br />redemption on February I, (998 or any date thereafter at par plus <br />accrued interest to the date of redemption. <br />• <br />