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1990-03-07 Minutes
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1990-03-07 Minutes
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on Bonds of a given maturity must be at least as great as the <br />interest rate on Bonds of the preceding maturity. Bids <br />specifying more .than one interest rate must also specify the <br />maturity year of the Bonds bearing each rate, and all Bonds <br />maturing on the same date shall bear the same single rate of <br />interest. Subject to the provisions contained below, the <br />Secretary-Treasurer shall award the Bonds to the bidder offering <br />the lowest net interest cost to the Authority, to be determined <br />by computing the total interest on all Bonds from the date <br />thereof to their maturities and deducting therefrom the premium <br />bid,. if any, or adding thereto the amount of any discount, if <br />any. Although not a term of sale, it is requested that each bid <br />show the net dollar interest cost to final maturity and the net <br />effective average interest rate on the entire issue. No <br />conditional bid or bids for less than $4,809,337, plus accrued • <br />interest at the rate or rates named to the date of delivery, will <br />be considered. The Secretary-Treasurer shall have full right to <br />reject any and all bids. In the event no acceptable bid is <br />received at the time fixed for the sale of the Bonds, the <br />Secretary-Treasurer 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 will 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. <br />Each bid-must be accompanied by a certified or cashier's <br />check in the amount of Forty-Eight Thousand Nine Hundred and <br />Fifty Dollars ($48,950), drawn on a bank or trust company which <br />• <br />-vii - <br />
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