1988-06-14 Minutes - Laserfiche WebLink

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~_ Bidders for the Bonds shall be required to name the rate or rates of interest which the bonds-are to bear, not exceeding 12% per annum. • No rate for any maturity shall be lower than any prior rate. No total payments of principal. and interest due in any 12-month period ending on a bond maturity date shall be in excess of $518,000. Basis of Award: The Secretary of the Authority shall award the Bonds to the bidder offering the lowest net interest cost to the Authority, to be determined by computing the total interest on all of the Bonds from the date thereof to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of any discount, if any. Interest will be computed on the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to the rules of the MSRB. The Secretary shall have full right to reject any and all bids. In the event no acceptable bid is received at the sale, then the sale may be continued from day-to-day for a period not to exceed 30 days without readvertising. Dated Date: First day of the month in which Bonds are to be originally delivered. The anticipated dated date is August I, 1988. Settlement Date: The Bonds will be delivered within 45 days following the date of the award. At the time of delivery, the approving opinion of Baker & Daniels, bond counsel, of Indianapolis, Indiana, will be furnished to the successful bidder. Maturity: Bonds will mature serially on February I in the years 1990-2009. rest: Interest will be due semi-annually commencing February I, 1989. Early Redemption: Bonds maturing on or after February I, 1999 are subject to early redemption on February I, 1998 or any date thereafter at par plus accrued interest to the date of redemption.