Los Angeles herald., 1891-05-28
NOTICE.
$50, 900 Bonds of the City of Fresno for
Sale.

&DU,OUU BONUS OI tHe OAty OA IL fosho Aot
Sale.
IN the intention of the board OF trustees OF
the city of Fresno, and the president thereof, to
offer to the highest and best bidderbonds OF SAID
city to the amount of $50 ,OO0,fo the purpose OF
providing for the purchase Of grounds and the
erection and furnishing building for school
purposes within said city.
Sealed bids for the purchase of the municipal
bonds, issued by the city of Fresno, Fresno
county, state OF California, under the act oil the
legislature of said ate,approvedMarch ~, 1883,
entitled AN act authorizing the incurring OF
indebtedness by Cities towns and municipal cor
porations, incorporated under the laws OF TINS
state, for the construction OF water works, sew
ers and all necessary public Improvements, or
for any purpose whatever, and to repeal the act
approved March ., 1885, entitled, An act TO
authorize municipal corporations OF the hitn
class containing more than three thousand, and
less than ten thousand inhabitants TO OBTAIN
water works. also to repeal the act approved
March l5 1887, entitled, AN act authorizing
the incurring of Indebtedness by cities, towns
and municipal corporations, Incorporated un-
der the laws of this state will be received by
of trustees, and the president thereof at his of
flee in the city hall of said city OF Fresno; coun-
ty of Fresno, state of California, from The llrst
publication of this notice to the hour OF 1880 p;
IN. of the 18th day of June, 1891, when said
bids will be opened and said bonds sold by sald
board of trustees and the president thereof, To
the highest bidder, and thereafter for cash IN
United States gold coin to be paid for on the de-
livery OF said bonds at the city treasurers once
in said city.
character known as serials, of municipal i'm
proyement fund No 5, as said fund was estab-
lished on the 18th day of May, 1871, by ordl-
nance of said city, entitled Gan ordinance pro
viding for the issue and sale OF bonds OF the
city of Fresno, for the payment OF the costs OF
certain permanent municipal improvements IN
said city, for the following purposes, 10 VII:
For the purchase of school grounds and the
erection and furnishing of building Tor school
purposes-$50, 900, in accordance with the re-
suit of a special election held in said city on
the 9Th day of April, 1891. pursuant to the
provisions OF an act of the legislature OF the
Stsse sse e enttIed act ant6oriang the
incurring of Indebtedness by cities towns
and municipal corporations, Incorporated
under the laws of this state for the CON
sary public Improvements, or for any purpose
whatever and to repeal the act approved
March 8, 1885, entitled, AN Act to authorize
municipal corporations of the fifth class, CON
tainlng more than three thousand and less
than ten thousand inhabitants to obtain water
works. also, to repeal an act approved March
Is, 1887, entitled, AN Act authorizing the in
curing of Indebtedness by cities, towns and
municipal corporations, Incorporated under
the laws of this State"
No less than one bond will be sold, and the
bidder must state the number of bonds bid for;
and no bid will be considered at less than the
face value of the bond bid for
The board of trustees of said city OF Fresno,
and the president thereof, reserve the right to
reject any and all bids
There Will be Issued lOU DOnuS OF tuc uenOm-
ination of $500 each, numbered respectively
from number one to number one hundred, both
inclusive, and so drawn as that one-twentieth
part of the same shall be made payable each
year. for twenty years, in the order of their date
and number, with interest on same at per
cent per annum, both principal and interest
payable annually at the once OF tle city treas
urer of said city.
That said bonds will be delivered in such
amounts at a time as the board OF trustees shall
from time to time determine, provided that all
Of q id bonds shall he delivered before one
year after the date thereof, and such delivery
Shall be made with a rebate Of any and all in
terest appearing to be due at the date thereof
The purchaser or purchasers OF said bonds
must give an undertaking of at least two sutii-
cient sureties in the penal sum of 10 per cent OF
the purchase price bid, payable to the city OF
Fresno. on the condition that said purchaser
will take and pay for said bonds as delivered
according to the terms of notice of said sale
and within thirty days after receiving written
notice or readiness on the part of said Board of
Trustees and the president thereof to deliver
said bonds; or said purchaser may in lieu OF
said undertaking deposit a certified check or
draft payable to the President of the Board of
Trustees on demand.
A failure to take and pay for bonds so bid for
written notice of readiness to deliver
the same shall be breach of said
undertaking., or forfeiture OF said
check; and that the sum mentioned in said
undertaking. or check, shall be held and con-
sidered as liquidated damages, and that said
undertaking may be sued upon, or said check
presented and collected Immediately in the
name OF said city, and the amount specified
recovered or received, as Stipulated damages.
Deposit in the United States postoflice at the
City of Fresno, of notice of readiness to deliver
bonds signed by the city clerk, with the seal of
said city affixed, and postage prepaid and ad
dressed and directed to the purchaser at his
place of residence or business, shall be deemed
and considered as notice to the purchaser of
the contents of said notice from date of deposit.
By order of the board of trustees of the City
of Fresno. w. B. BENNETT, City Clerk,
Fresno. Nav 20. 1891. my22- cot