A state educational institution shall award bonds sold at public sale to the bidder offering the lowest interest cost to be determined by:

1. (1) computing the total interest on the bonds from the date of the sale to the date of maturity; and

2. (2) either:

   1. (A) deducting from the total interest the amount of any premium bid; or

   2. (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.