Los Angeles herald., 1891-06-01
NOTICE.
$50, 600 Bonds of the City of Fresno for
Sale,


NOTICE is HEREBY GIVEN THAT 1T IS
IN the intention of the board of trustees of
the city of Fresno, and the president thereof, to
offer to the highest and best bidder bonds of said
city to the amount OF $50, 600 for 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 of the
legislature OF said dstateapprovedMarch 19, 1889,
entitled IAN act authorizing the incurrinep of
Indebtedness by cities, towns and municipal cor
porations, incorporated under the laws of this
state, for the construction of water works. sew
ers and Eli necessary public improvements, or
for any purpose whatever, and to repeal the act
approved March 9, 1885, entitled, An act to
authorize municipal corporations OF the fifth
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 first
publication of this notice to the hour OF 80 p.
m. of the 18th day of June, 1891, when said
bids will be opened and said bonds sold BY said
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 treasurer's Office
in said city.
The sale will comprise 100 bonds, of the
character known as serials, of municipal i'm
provement fund No 5, as said fund was estab-
hed on the 18th day Of May sg by opd
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. to. wit:
For the purchase of school grounds and the
erection and furnishing of building for school
sult n a gnapial election held N said ri y NJ n
the 18th day of April, 1891. pursuant to the
provisions OF an act Of the legislature of the
ss OF nttd Gs0na MaTSh H.
incurring of Indebtedness by cities towns
and municipal corporations, Incorporated
struction of water works, sewers and all neces-
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 NTH class, con
taining 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.
I0eT6 Will DC lsSueu 1OU DOuuS OI Tue ueuOm-
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 office OF the city treas
urer of said city.
That said bonds will be delivered in such
amounts at time as the board of trustees shall
from time to time determine provided that all
Of said bonds shall be delivered on or before one
year after the date thereof, and such delivery
shall be made with 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 suth-
cient sureties in the penal sum of 10per 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 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 a breach of said
undertaking., or a forfeiture Of said
undertaking, or check, shall be held and con-
sidered as 1iquidated damages, and that said
undertaking may be sued upon, or said check
presented anu cOllecteu lmmeuldJely IN tne
name of said city, and the amount specified
recovered or received, as liquidated damages.
Deposit in the United States postoffice 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, May 20, 1891. my22-20t