1990-12-17 Resolution 26 - Laserfiche WebLink

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time of sale. The notification shall be made by telephone at the number furnished by the person, and also by telex if the person furnishes a telex number. All bids for Bonds shall be sealed and shall be presented to the Secretary at the principal office of the Authority, and the Secretary shall continue to receive all bids offered until the hour fixed for the sale of the Bonds, at which time and place he shall open and consider each bid. 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 set forth herein. The interest rate on Bonds of a given maturity must be at least as great as the interest rate on Bonds of any earlier maturity. 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 single rate of interest. .Subject to the provisions contained below, the Secretary shall award the Bonds to the bidder offering the lowest net interest cost to the Authority, to be determined by computing the total interest on all of the Bonds from the date thereof to 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 $4,116,000, plus accrued interest at the rate or rates named 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 -5- \rlhill\sthbnd\airport\resoluti\ra-auth.2;tmg;12/14/90;