The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-02
PROPOSALS
FOR THE
PURCHASE OF BONDS.

Notice is hereby given that the COM
mon council Of the city of Duluth, Min
In the city hail. in said city of Duluth, at
7:30 o'clock in the evening of Monday,
the 10th day of June, A. D. 1893, to re-
the purchase of collaborating coupon
bonds of the city of Duluth, to the ag--
gregate amount of five hundred thousand
81, 00O00 $5OOOO $4,000 and 5000 except
that where not inconsistent with the bids
made. they shall be in denomination of
$1,00000) with proper Interest bearing
coupons attached thereto, principal pay
able fifteen Q5)- years from May /, 1889.
interest at four and one-half per cent per
annum, payable emi-annually on May
and November of each year. Principal
and interest payable in gold coin of the
United States at the American Exchange
National Bank in the city of New York
Said bonds to he paid for within ten Q0)
days after notice that the same are ready
for delivery, said delivery and payment
to be made at the First National Bank
of Duluth, Minnesota, or The American
Exchange National Bank of New York.
The sale of said bonds will be award
ed to the highest responsible bidder at a
sum not less than par value thereof, and
interest accrued to date of delivery. Such
sale shall be by popular subscription, and
actual residents of the city of Duluth
shall be preferred in case of bids other
wise equal, and any person, including any
actual resident of the city of Duluth,
may bid on one or more Of said bonds
condition or qualifications, excepting only,
that the city of Duluth shall furnish the
written opinion of Dillon &c Hubbard, Es-
CURES, of the city of New York, or of
some attorneys of similar note, that the
same are valid and a legal obligation of
the city Of Duluth.
Each bidder Is required to file with the
city clerk prior to 2 o'clock of said day
a certified check on or certificate of de-
post of national bank, payable to the
order Of the city of Duluth without con-
for n
per cent Of the full face value of bonds
to be bid for, or a good and sufficient
bond in the said sum to be approved by
the common council Of said city and con-
ditioned that the party making said b d
will, if awarded the sale, take the bonds
and pay for them according to the terms
of said bid and this ordinance; and that
in case Of failure so to do, the city of
Duluth shall have the right to sue upon
said bond and to recover the full face
thereof, which shall be and in said bond
shall be stated as being the sum agreed
upon as liquidated damages in case of
breach thereof. And a condition of said
ties thereon expressly waive all question
of any irregularity or illegality in any
manner affecting the issue of said bonds
or as to the title of the property upon
which said bonds shall be lien, the in
tention of the bond being to provide for
the payment of the said sum of money
absolutely without any condition ride
Tense thereto, If payment shall be re-c
quired and if favorable opinion of Dillon
& Hubbard, or other attorneys of similar
note as aforesaid, shall be furnished.
Said checks and bonds. shall at, 25o,clock
of said day. be: submitted by the city
clerket0 the city attorney for his opinion
as to- whether said, checks and bonds. con-
form to the conditions. of this ordinance,
and the bid of any, person whose check
or, bond the. city attorney shall deem to
not be in legal form, according to the
terms of this ordinance shall not be: re-
ceived unless such bidder shall have such
check or bond corrected to meet the re-
post a neWiib or check duly approx
ed by said. attorney before 7:3O o'clock p.
m. of said day.
In all cases of bids received and not
accepted, the check or certificate receiv-
ed Herewith. shall thereupon be returned.
In case said bonds are awarded to any
bidder and the said bidder refuses to ac-
thereof. within ten Q0) days after notice.
oral or written, that same are ready for
delivery, said, delivery to be made at the
First National Bank Of Duluth Mime
sota,. or the American Exchange National
Bank Of New York. the said amount Of
the certificate of deposit or check so fur
nished to the city shall be retained by
liquidated damages for breach of the con-
tract on the part of said bidder. In case
any bidder furnishing such certificate Of
deposit or check shall take the said
bonds, said sum shall be credited to him
on account of the payment. thereof. Each
bidder must give his address, city, street
and number.
to be reserved to the city Of Duluth.
Dated Duluth, Mimi, May %, 1899
H. w. CHEADLE,
Corporate Seal.) City Clerk.