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• 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. Such rate or <br />rates of interest shall be in multiples of one-eighth (1/8) or one- <br />twentieth (1/20) of one percent (1%). Subject to the provisions <br />contained below, the Secretary shall award the Bonds to the bidder <br />offering the lowest net interest cost to the Authority, to be <br />determined by computing the total interest on all of the Bonds from <br />the date thereof to their maturities and deducting therefrom the <br />premium bid, if any, or adding thereto the amount of any discount, <br />if any. No bid for less than $5,594,800, plus accrued interest at <br />the rate or rates named to the date of delivery, will be <br />considered. The Secretary shall have full right to reject any and <br />all bids. In the event no acceptable bid is received at the time <br />fixed for the sale of said Bonds, the Secretary shall be authorized <br />to continue to receive bids from day to day thereafter for a period <br />not to exceed thirty (30) days, without readvertising; provided, <br />however, that if said sale be continued, no bid shall be accepted <br />which offers an interest cost which is equal to or higher than the <br />best bid received at the time fixed for the sale of the Bonds. <br />Prior to the delivery of the Bonds the Secretary shall be <br />authorized to obtain a legal opinion as to the validity of the <br />Bonds from Baker & Daniels, bond counsel for the Authority, and to <br />-6- <br />