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1988- 06-14 Minutes
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1988- 06-14 Minutes
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acceptable bid is received at the time fixed for the sale of the <br />• Bonds., the Secretary shall be authorized to continue to receive <br />bids from day to day thereafter for a period not to exceed thirty <br />(30) days, without readvertising; provided, however, that if said <br />sale be continued, no bid shall 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. Prior to <br />the delivery of the Bonds the Secretary shall be authorized to <br />obtain a legal opinion as to the validity of the Bonds from Baker <br />& Daniels, bond counsel for the Authority, and to furnish such <br />opinion to the purchaser or purchasers of the Bonds. The cost of <br />such opinion shall be considered as part of the costs incidental <br />to the issuance of the Bonds and shall be paid out of proceeds of <br />said Bonds. <br />Section 7. If the President and the Treasurer, with the <br />advice of the financial advisor to the Authority, .determine that <br />market conditions at the time of the sale of the Bonds are such <br />-that the Authority is able to finance the acquisition of the <br />Facility, including the site thereof, by issuing Bonds in an <br />aggregate principal amount which. is less than $5,685,000, then <br />the Authority shall issue such lesser principal amount of Bonds. <br />Section 8. After the sale of the Bonds, the President <br />and the Secretary are authorized to complete the Trust Agreement <br />and then to execute the same on behalf of the Authority. <br />Section 9. The President, Vice President, and <br />Secretary-Treasurer of this Authority and each of them is hereby <br />authorized to take all such actions and. to execute all such <br />• instruments as are desirable to carry out the transactions <br />-5- <br />
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