^[PDF] Overview of the Major Issues Regarding the Use of Tax-Exempt Bonds in California

However, because NIC-C does not recognize the t ime value of money in evaluating bond bids, it can still result in bond is sues being awa rded to bi dders who do not bid t he l owest t rue interest cost amongst the bids submitted. ----- In cont ras t, the JJC method eva l uates bond bi ds by express ing t he interest payments required by each bid in t erms of their present value or presen t wo rt h.
https://lao.ca.gov/reports/1983/overview_of_major_issues_regarding_the_use_of_tax-exempt_bonds_in_california.pdf