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1988-06-14 Minutes
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1988-06-14 Minutes
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7/24/2008 12:01:45 PM
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1 <br />address and telephone number must be furnished, which must not be <br />less than seven days after the last publication of the notice. <br />Each person so registered shall be notified of the date and time <br />bids will be received not less than twenty-four (24) hours before <br />the date and time of sale. The notification shall be made by <br />telephone at the number furnished by the .person, and also by <br />telex if the person furnishes a telex number. All bids for Bonds <br />shall be sealed and shall be presented to the Secretary at the <br />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 <br />name the rate or rates of interest which the Bonds are to bear, <br />not exceeding twelve percent (12~) per annum. The interest rate <br />on Bonds of a given maturity must be at least as great as the <br />interest rate on Bonds of any earlier maturity. No total <br />payments due in any 12-month period ending on a bond maturity <br />date shall be in excess of $518,000. 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 <br />to the bidder offering the lowest net interest cost to the <br />.Authority, to be determined by computing the total interest on <br />all of the Bonds from the date thereof to their maturities and <br />deducting therefrom the premium bid, if any, or adding thereto <br />the amount of any discount, if any. No bid for less than <br />$4,472,050, including accrued interest at the rate or rates named <br /> <br />-4- <br />
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