(a) The bonds shall be sold at public sale on sealed bids after such advertisement as the Director of the Department of Parks and Tourism shall determine to be necessary for the obtaining of favorable competitive bidding.
(b) In no event shall any bid be accepted which results in a net interest cost, which is determined by computing the aggregate interest cost from date to maturity at the rates bid and deducting any premium or adding the amount of any discount, in excess of the interest cost computed at par for bonds bearing interest at the rate of eight percent (8%) per annum.
(c) The bonds shall not be subject to conversion.
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