Determination of interest cost

Sec. 5. A state educational institution shall award bonds sold at public sale to the bidder offering the lowest interest cost to be determined by: (1) computing the total interest on the bonds from the date of the sale to the date of maturity; and (2) either: (A) deducting from the total interest the amount of any premium bid; or (B) adding to the total interest the amount of any discount. [Pre-2007 Higher Education Recodification Citation: 4-1-5-1(c) part.] As added by P.L.2-2007, SEC.273.