Delaware Code Title 9 Sec. 4640 – Contents of notice of sale — Multiple rate bidding
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The notice of sale may, as an alternative to a single interest rate, permit bidders to name 2 or more interest rates for the bonds proposed to be sold, within such limitations as the notice of sale may provide. In such event it shall state that all the bonds will be awarded to the bidder on whose bid the total loan may be made at the lowest net interest cost to the district, such net cost being computed, as to each bid, by adding to the total principal amount of the bonds the total interest which will be paid under the terms of the bid, after deducting from such interest the amount of premium, if any.
9 Del. C. 1953, § ?4639; 56 Del. Laws, c. 103, § ?13;
Terms Used In Delaware Code Title 9 Sec. 4640
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302