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• time of sale. The notification shall be made by telephone at the <br />number furnished by the person, and also by telex or facsimile if <br />the person furnishes a telex or facsimile number. All bids for <br />Bonds shall be sealed and shall be presented to the Secretary at <br />the principal office of the Authority, and the Secretary shall <br />continue to receive all bids offered until the hour fixed for the <br />sale of the Bonds, at which time and place he shall open and <br />consider each bid. Bidders for the Bonds shall be required to name <br />the rate or rates of interest which the Bonds are to bear, not <br />exceeding the maximum rate set forth herein. The interest rate on <br />Bonds of a given maturity must be at least as great as the interest <br />rate on Bonds of any earlier maturity. Bids specifying more than <br />one interest rate shall also specify the amount and maturities of <br />. the Bonds bearing each rate, and all Bonds maturing on the same <br />date shall bear the same single rate of interest. Subject to the <br />provisions contained below, the Secretary shall award the Bonds to <br />the bidder offering the lowest net interest cost to the Authority, <br />to be determined by computing the total interest on all of the <br />Bonds from the date thereof to their maturities and deducting <br />therefrom the premium bid, if any, or adding thereto the amount of <br />any discount, if any. No bid for less than One Million Three <br />Hundred Eighty-Eight Thousand Eight Hundred Fifty Dollars <br />($1,388,850), plus accrued interest at the rate or rates named to <br />the date of delivery, will be considered. The Secretary shall have <br />full right to reject any and all bids. In the event no acceptable <br />bid is received at the time fixed for the sale of said Bonds, the <br /> <br />-5- <br />