The Wilmington morning star., 1940-03-19
Legal
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o'clock p. m. eastern Standard Time)
on the End day of April, 1910 for the
sale of a negotiable temporary loan
note or notes Of said Housing AuthoGi-
ty Of the City of Wilmington, North
Carolina in the aggregate principal
amount Of Seven Hundred Fifty Thou
sand Dollars ($75O, 900. 00), and desig-
Series). Such note or notes will be
dated April 8, 1910 and will be payable
to bearer on September 9, 1910. The
proceeds of such note or notes are to be
used to pay the expenses incurred or
to be incurred in the development Of
a low-rent housing project located in
the City Of Wilmington and for which
the United States Housing Authority
has agreed to make a loan to the
mington, North Carolina to assist in
the development thereof.
For the prompt payment of the
principal of and interest on such note
or notes, the full faith and credit of
the said Housing Authority of the
City of Wilmington, North Carolina
will be pledged and such note or
notes will be further secured by a re
QUESTION agreement between the Hous-
ing Authority of the City of Whining
ton, North Carolina and the United
States Housing Authority under the
terms of which agreement the United
purchase an advance loan note of the
Housing Authority of the City Of Will
mington, North Carolina, at or prior
to the maturity of such temporary
loan note or notes in an amount suf-
%ficient to pay the principal and inter
est thereof, and agrees to cause the
proceeds of such advance loan note to
be deposited at the Bank at which
such temporary loan note or notes is
er or holders thereof. Such note or
notes will bear interest at a rate per
annum fixed in the proposal which is
accepted for the purchase of such note
or notes. Both principal and interest Of
such note or notes will be payable at
any incorporated Bank or Trust com
pany designated by the purchaser, the
fees or charges, if any Of such Bank
or Trust company, to be paid by said
purchaser. The note or notes will pro
vide that they are not valid until af-
signed the agreement, appearing oil
each note, to act as paying agent. AT
ter taking delivery of and paying for
the note or notes, the purchaser shall
obtain the signature of such Bank or
Trust company upon the note or notes
as aforesaid.
Each bidder will be required to
specify in his proposal the rate of in
terest which such note or notes he
proposes to purchase shall bear and
the Bank or Trust company at which
he desires such note or notes to be
payable. Each bidder will also specify
in his proposal the denominations i'll
which he desires such note or notes
to be issued. Such, note or notes will
be awarded to the bidder offering to
pay the lowest interest cost. In com
putting the lowest interest cost, the
Authority will take into consideration
any premium which the bidder offers
to pay. All proposals for the purchase
Of such note or notes shall be sub
mitted in the form set out below. No
bid for less than par and accrued in
terest (Which interest shall be comput-
ed on a 800 day basis) will be enter
tanned and no proposal will be en-
tertained for less than the full amount
of such note or notes. The right is re-
served to reject any and all bids.
For further information apply to H.
R. Emory, Secretary of the Housing
Authority of the City of Wilmington,
North Carolina at the office of the
Housing Authority of the City of Will
mington. North Carolina in the City of
Wilmington, North Carolina.
II. r. EMORY,
Secretary.
(FoRM OF PROPOSAL TO BE DAT
ED AND ADDRESSED TO HOUS-
ING AUTHORITY OF THE CITY
on CARO-.