Laserfiche WebLink
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 98.50 of the par value of said bonds, plus accrued <br />interest at the rate or rates named to the date of delivery, will <br />be considered. The Secretary shall have full right to reject any <br />and all bids. In the event no acceptable bid is received at the <br />time fixed for the sale of said Bonds, the Secretary shall be <br />authorized to continue to receive bids from day to day thereafter <br />for a period not to exceed thirty (30) days, without readvertising; <br />provided, however, that if said sale be continued, no bid shall be <br />accepted which offers an interest cost which is equal to or higher <br />than the best bid received at the time fixed for the sale of the <br />Bonds. <br />Section 7. Prior to the delivery of the Bonds the <br />• Secretary shall be authorized to obtain a legal opinion as to the <br />validity of the Bonds from bond counsel for the Authority, and to <br />furnish such opinion to the purchaser or purchasers of the Bonds. <br />The cost of such opinion shall be considered as part of the costs <br />incidental to the issuance of the Bonds and shall be paid out of <br />proceeds of said Bonds. <br />Section 8. If the President and the Treasurer determine <br />that market conditions at the time of the sale of the Bonds are <br />such that the Authority is able to finance the refunding of the <br />Refunded Bonds by issuing Bonds in an aggregate principal amount <br />which is less than $4,595,000, then the Authority shall issue such <br />lesser principal amount of Bonds. <br />• <br />-5- <br />