The daily gazette., 1881-04-14
5'7 7;3lR. y
.nAwARE STATE Lean.
OFFICE OF STATE TREASURER,
DOVER, Del, April l, 1881


In pursuance OF the act entitled "An
Act 10 provide for the refunding of the
present bonded debt of this State at q
lower rate OF interest,"" passed at Dover,
March l6, A. D., 1881, /, Robert ]. Rey-
nolds, State Treasurer OF the state OF
Delaware, do hereby give notice that bids
or proposals will be received for the whole
amount OF the loan authorised by said
act, said loan 70 be represented by bonds
oythe State OF Delaware, OF the denomi-
nation Of one thousand dollars each, d.
Vided into three classes, TO be designated
as: Series "A, consisting of two hundred
and fifty thousand dollars; series B con-
sisting OF three hundred thousand dollars;
series O consisting OF one hundred and
sixtv-nve thousand dollars, and to bear
interest at the rate OF four per centum
per annum, payable semi.annually on the
nrst days OF July and January in each
and every year, while they remain un-
paid, At the Philadelphia National Bank.
In the city of Philadelphia, on presentac
tionof the coupon representing such semi
annual interest, The bonds embraced
In series A shall be pay able on the first
DAY OF July, A. D., 1885. but may be re-
deemed at the option of the State at any
time after the first day OF July, A. D..
1882. The bonds embraced In series r
shall be payable on the first day of July,
A. d., lSpl, but may be redeemed at the
option OF the State at any time after the
nrst day OF July, A. D., 1856. The bonds
embraced In series Q shall be payable Oh
Dc redeemed at the option Of the State al
any time after the first day OF July. A.
D5 1891, provided, however, that II the
state elects to redeem any OF the said
bonds. according to their tenor, such re-
demPtion shall be made either on the
nrsl day OF July or January in pursuance
OF due nostce 10 be given by the state
treasurer. The bends shall all be stated
the nrst day OF July, A. D., 1881, and shall
he exempt from taxation by the state or
Delaware Tor any purpose whatever,
Each bid or proposal must be in writing
and must state the bidders full name
and place OF residence, and must be for
the whole an cunt OF said loan and
pc accompanied by q certified check TO
the order OF the State Treasurer for fve
per centum OF the bid which shall be re-
tAlned as security for the payment of the
Iesidue of the amount bid when the
bends are ready for delivery. In case the
snccesaftli bidder should fail to comply
with his bid by paying the balance there
shall bo absolutely forfeited to the
state. No bid less than the par
value OF the bonds will be accepted
All bids must be addressed to the State
at Dover. and must be indorsed ON the
envelope: proposals for Delaware State
Loan" The bids or proposals AUTHORISED
py said act, will be opened, acted ON and
disposed OF on the first Tuesday In
May, A. D., 1881. at the hour OF two
o'clock p. M, IN the ONCE OF the Secretary
OF State, In the town or Dover. by n com
mission appointed for that purpose.
AItsr the said bids shall have heen opened
and recorded the said comu ion shall
award The said loan to the highest bid
der. In case there shall be two or more
pidn az the same price. the said com mis-
sion shall aPportion the said loan al
nearly equally as may be among the
persons so bidding the same price. OF
may. at their discretion, having du,
regard tor the best interest OF the State
award the whole to any one OF such bid
ders- After the commission shall hay,
awarded the loan, 1t will be the duty O
the state Treasurer to return to al
unsuccessful bidders the certified check
reoeived nom them respectively and th
faith ofthe state is expressly pledged b,
tne said act for the return of the sal;
ohecks. The successful bidder who shal
comply with his bid shall be allowet
ennCm on the amount OF his deposit from
the date OF the said award until the first
day OF July. A. D., 1881, the time at which
interest shall begin to accrue on the sale
nbonasLWnlcn ~ said said allowance shall
De made by way OF abatement on tn,
unpaid balance of his bid. When tn,
award shall have been made TO the sue
cessiul bidder or bidders OF the loal
asusnorlsed ss by said act and the said bond
snail be ready for delivery, the Stat
treasurer will cause notice In writing /.
pc served upon such bidder or bidders a
least Ten days before the time OF deliver,
oL tne bonds indicated in such notice
which said notice shall state the Ida
Wnen the bonds will be ready for delivery
ana the amount of money which sucl
bidder or bidders will be req quired TO pa,
on the day therein named or within Il ',
days thereafter.
Such sum being the balance of tn
amount OF the bid less the amount of tn
bidders cash deposit with interest, iron
the date OF the award, on such cash de
pos y and upon the receipt of the su a
contained In such notice the bends viii
De delivered TO the successful bidder o
oluders In the office of the State Treasure
In the town OF DoVer.
ROBERT ]. REYNOLDS.
a., State Treasurer.