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(Continued from Page 1) quarters percent, which is our fee for underwriting and distributing the notes,” said Crow.
Crow made another proposal on behalf of the firm which would have Moseley place the notes on a best-efforts basis, or with no guarantee that all of the notes would be placed. The notes would bear interest at a rate not to exceed eight percent, and compensation to the firm would come from the payment to the Authority of $98.25 per $100 of the principal amount.
Jamieson advised the board to accept the first proposal which would have Moseley underwrite the notes. The Authority voted to accept that
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