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1992-06-18 Resolution 56
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1992-06-18 Resolution 56
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7/18/2008 5:17:12 PM
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rate of interest. Subject to the provisions contained below, the <br />Secretary-Treasurer shall award the Bonds to the bidder offering <br />the lowest net interest cost to the Authority on the principal <br />amounts of the Bonds indicated hereinabove, to be determined by <br />computing the total interest on all 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. Although not <br />a term of sale, it is requested that each bid show the net dollar <br />interest cost to final maturity and the net effective average <br />interest rate on the entire issue. No conditional bid or bids for <br />less than ninety-eight and one-half percent (98.5$) of the par <br />value of the Bonds, plus accrued interest at the rate or rates <br />named to the date of delivery, will be considered. If the <br />• principal amount of the Bonds is adjusted, the purchase price of <br />the Bonds shall be adjusted accordingly. The Secretary-Treasurer <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 the <br />Bonds, the Secretary-Treasurer shall be authorized to continue to <br />receive bids from day to day thereafter for a period not to exceed <br />thirty (30) days, without readvertising; provided, however, that <br />-~~ <br />if said sale be continued, no bid-will be accepted which offers an <br />interest cost which is equal to or higher than the best bid <br />received at the time fixed for the sale of the Bonds. <br />Each bid must be accompanied by a certified or cashier's <br />check in the amount of Fourteen Thousand One Hundred-Ten Dollars <br />($14,110), drawn on a bank or trust company which is insured by the <br />r: <br />-4- <br />\rrrampol\PALAIS.gpY\notice.int\fc\Jtme 17, 1992 <br />
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