All bids must be submitted electronically for the purchase of the Series 2018 Bonds via a bidding service pre-qualified by the Treasurer. Such bids shall be conditioned upon receipt of a good faith deposit in the form specified in the Official Notice of Sale and in a minimum amount equal to 1% of the principal amount of the Series 2018 Bonds offered pursuant to the Official Notice of Sale. Bids will be received by the Board on such date and at such place and time as the Treasurer, acting as staff for the Board, hereafter shall determine. The bids and their verification will be announced after the meeting of the Board is convened. The Board reserves the right to reject any and all bids and to waive any irregularity or informality in any bid. The Series 2018 Bonds will be prepared, executed, and furnished at University expense and will be delivered to the Underwriter with the approving legal opinion of Bond Counsel regarding the Series 2018 Bonds. The final terms and conditions of the Series 2018 Bonds, and such other matters as the Board deems appropriate, shall be set forth in the Bond Sale Resolution. The proper University officials are authorized and directed to do everything necessary for the prompt delivery of the Series 2018 Bonds to the Underwriter and for the proper application and use of the proceeds of the sale thereof. Section 14. Disposition of Sale Proceeds. (a) Declaration of Intent to Reimburse. The University intends to make (and/or, not more than 60 days before the date of adoption of this Series Resolution, has made) expenditures, and reasonably expects to reimburse itself for those expenditures from proceeds of the Series 2018 Bonds, to pay a portion of the cost of the Project. The maximum principal amount of Series 2018 Bonds that will be issued to finance the Project will be $45,000,000. The
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