Delaware § 4640 Contents of notice of sale — Multiple rate bidding

Delaware Statutes

§ 4640 — Contents of notice of sale — Multiple rate bidding

Delaware § 4640

Title9

PartKent County

Ch. 46SEWERS AND SEWER DISTRICTS

This text of Delaware § 4640 (Contents of notice of sale — Multiple rate bidding) is published on Counsel Stack Legal Research, covering Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Del. Code tit. 9, § 4640 (2026).

Text

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.

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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.