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1990-03-02 Minutes
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1990-03-02 Minutes
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7/24/2008 12:48:13 PM
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Authority, to be determined by computing the total interest on all of <br />• the 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 $4,809,337, including <br />accrued interest at the rate or rates named to the date of delivery, <br />will be considered. The Secretary shall have full right to reject <br />any and all bids. In the event no acceptable bid is received at the <br />time fixed for the sale of said Bonds, the Secretary .shall be <br />authorized to continue to receive bids from day to day thereafter for <br />a period not to exceed thirty (30) days,. without readvertising; <br />provided, however, that if said sale be continued, no bid shall be <br />accepted which offers an interest cost which is equal to or higher <br />than the best bid received at the time fixed for the sale of the <br />Bonds. Prior to the delivery of the Bonds the Secretary shall be <br />• authorized to obtain a legal opinion as to the validity of the Bonds <br />from Baker & Daniels, bond counsel for the Authority, and to furnish <br />such opinion to the purchaser or purchasers of the Bonds. The cost <br />of 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 that <br />the Authority is able to finance the Project by issuing Bonds in an <br />aggregate principal amount which is less than $4,895,000, then the <br />• <br />I I-5 <br />
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