Worcester Democrat and the ledger-enterprise. (Pocomoke City, Md.) 1921-1953, 1940-02-02
Mayor and Council
Pocomoke Citv
SALE OF
$35,0o0.0o
POCOMOKE CITY RE-
FUNDING BONDS
OF 1887

Sealed bids will be received by the
Mayor and Council, Of Pocomoke City,
Pocomoke City, Worcester County
Maryland, at the office Of said NUM-
cipality in Pocomoke City, for the
purchase Of Thirty-five thousand dol
lars 1886, 000.00) aggregate par a.
mount Of the serial bonds Of said
municipality until 500 o'clock p. M.
on February 2, 1910, on which day at
the hour of 8:15 o'clock P. M, said
sealed bids will be publicly opened by
the Clerk to said Mayor and Council
of Pocomoke City at said office in the
presence of the Mayor and Council, in
public meeting assembled, and the
bids will be awarded to the highest
responsible bidder or bidders there
for for cash.
Bidders are requested to indicate
with their bids the rate of interest
to be paid on the bonds on which their
bids are based and submitted; the rate
named must be a multiple of one
eighth (s) of one per centum (l%)
per annum, and must not exceed four
per centum (496) per annum. The
bonds will be awarded to the bidder
naming the lowest rate of interest
named in any legally acceptable pro-
posal and offering to pay not less
than par for the bonds. The lowest
rate of interest will be determined
on the basis of the lowest interest
cost to the City of the bonds so to be
issued from their date of issue to the
last date of maturity of any of said
bonds. AS between bidders naming
the same rate of interest. the pro-
posal of the bidder offering to pay
the largest premium will be accepted.
In the event two or more responsible
bidders have made the same bid, and
such bids taken together provide the
lowest interest cost to the city, as
aforesaid, and if for the whole a.
mount of said bonds so offered for
sale, or if such same bids taken to-
gether exceed said whole amount of
said bonds, then the bonds shall be
awarded in ratable proportion to
such responsible bidders making the
same bid.
The right is reserved to the Mayor
and Council of Pocomoke City to re-
ject any or all bids.
A certified check for not less than
five per centum 1917 of the aggre-
gate par value of said bonds so offer
ed for sale, drawn to the order of the
Treasurer of Pocomoke City, must
been closed in each bid for said bonds,
as security for compliance with said
bid and as liquidated damages for any
breach thereof. No interest will be
allowed on the amount so deposited
and the checks of all unsuccessful
bidders will be returned to them
forthwith upon the award of the
bonds.
This issue of bonds is authorized
by Chapter 800 of the Acts of the
General Assembly of Maryland, pass
ed at its January Session in the year
1887, and said bonds are also issued
in accordance with an ordinance of
the Mayor and Council of Pocomoke
City, duly adopted on the 18th day
of January, 1910.
Said bonds will all be dated Feb
ruary l, 1910. They will be in de-
nominations of One thousand dollars
($1,000.00) each, and they will all
bear interest at the rate fixed in the
accepted bid, as hereinabove provid-
ed, payable semi-annually on the first
days of February and August in each
year, in accordance with interest cou-
pons to be attached to said bonds.
Said bonds will be suitably printed
and the coupons attached thereto will
bear the facsimile signature of the
Mayor and Council of Pocomoke City.
Said bonds will be numbered con-
secutively from No. One ~ to No.
Thirty-five 1857, both numbers inclu-
sive, and they will be issued to mature
in varying annual serial installments
in the order of their consecutive num-
bers, over period of ten (1O) years
beginning with the year 1850 to and
including the year 1859, on February
LIST of each of such years, in the fol-
lowing amounts, that is to say:
R0nd N,1nohar mount xyoo..