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furnishes a telex number. All bids for Bonds shall be sealed and <br />shall be presented to the Sec <br />retary at the principal office of the <br />Authority, and the Secretary shall continue to receive all bids <br />offered until the hour fixed for the sale of the Bonds, at which <br />time and place he shall open and consider-each bid.. Bidders for <br />the Bonds shall be required to name the rate or rates of interest <br />which the Bonds are to bear, not exceeding the maximum rate set <br />forth herein. The interest rate on Bonds of a given maturity must <br />be at least as great as the interest rate on Bonds of any earlier <br />maturity. Bids specifying more than one interest rate shall also <br />specify the amount and maturities of the Bonds bearing each rate, <br />and all Bonds maturing on the same date shall bear the same single <br />rate of interest. Subject to the provisions contained below, the <br />Secretary shall award the Bonds to the bidder offering the lowest <br />net interest cost to the Authority, to be determined by computing <br />the total interest on all of the Bonds from the date thereof to <br />their maturities and deducting therefrom the premium bid, if any, <br />or adding thereto the amount of any discount, if any. No bid for <br />less than $2,307,900, plus accrued interest at the rate or rates <br />named to the date of delivery, will be considered. The Secretary <br />shall have full right to reject any and all bids. In the event no <br />acceptable bid is received at the time fixed for the sale of said <br />Bonds, the Secretary shall be authorized to continue to receive <br />bids from day to day thereafter for a period not to exceed thirty <br />(30) days, without readvertising; provided, however, that if said <br />sale be continued, no bid shall be accepted which offers an <br />\rlhill\sthbnd\airport\resoluti\ra-auth.l;tmg;12/14/90,• <br />