Smyrna times. [volume] (Smyrna, Del.) 1854-1987, 1941-05-15
PROPOSAL FOR BIDS
$40, 900 SMYRNA SPECIAL SCHOOL
DISTRICT REFUNDING BONDS.
SERIES OF IeAI
SERIES OF 1871.

Sealed proposals will be received by the
Board of Education Of Smyrna Special
School District at the office of the Superin-
tendent at Smyrna, Delaware, until 4
O'Clock p. M. daylight Saving Time) on
Wednesday, May q, 1871. for the purchase
of $4,000 Smyrna Special School District
Refunding Bonds. Series of 1871, and at
the same time and place the sealed propos-
ais will be publicly opened by said Board
of Education.
Said bonds shall bear date of June 16.
1871 and shall be of such denominations
and shall be bearer or registered bonds as
shall be mutually agreed upon by the sue
cessful bidder and said Board of Education
and shall be numbered consecutively begin
ming with Number One and shall bear such
rate of interest as shall be submitted by the
most satisfactory bidder acceptable to said
Board of Education, each bidder to specific
ally state in his proposal the interest rate
upon which such proposal is based.
Two bid proposals are requested from
each bidder. one based on the following re-
demption plan, to-wit:-
$500 shall be provided to be redeemed
on December 10, 1871 and s17.5O0 balance
of issue to be redeemed at the rate of
$3.50 per year. and no more. beginning
June 10. 1912 and for fourteen years there
after; and the other bid to be based on the
following redemption plan, to-wit:-
$500 shall be provided to be redeemed
on December Is, 1871 and 500 balance
of issue shall be redeemable at minimum
rate of $3.50 per year, beginning June 10,
1912 but with the right reserved to said
Board of Education to redeem. on any in
terest date, any amount Of bonds in excess
of $780, or all remaining outstanding
bonds. in any one or more years, until the
entire issue is fully redeemed.
By either redemption plan. the lowest
numbered bonds outstanding shall be called
in any and all redemptions until the entire
issue is fully redeemed. When any and all
bonds are redeemed. all notices shall be
published at least twice. once a week, in a
newspaper published in Kent County, Della
ware. and also in a newspaper published at
Wilmington. Delaware. Interest on The
aforesaid bonds shall be due and payable
on the fifteenth day of December and the
fifteenth day of June in each and every
year beginning December Is, 1871 and
while any bonds remain unredeemed.
Interest on bonds duly called for redenp-
ton shall cease as of the call date. Both
principal and interest shall be due and pay
able at the Farmers Bank of the State of
Delaware. at Dover. Delaware.
The faith and credit of Smyrna Special
School District are pledged for the payment
of principal and interest. and said bonds
shall be exempt from State. County and
Municipal taxation in the State of Della
ware.
Proposals will be received for the whole
or any part of said issue and must he ac-
companied by a certified check to tine order
of said Board of Education for five (5%
per CenIuITl OF the amount OF the nlRner OF
the two proposals requested to be submitted
by each bidder. Checks of all unsuccessful
bidders will be promptly returned upon
said Board of Education rejecting all bids
or accepting one or more of the bids sub
mitted
All bids must be addressed and-or de-
livered in writing to Walter w. Hynson.
President, or George r. Miller. Secretary,
of said Board of Education. Smyrna, Della
ware. Said Board of Education reserves
the right to reject any and all proposals
for said bonds. and without restriction of
any kind may accept any proposal or pro-
posals which said Board of Education deems
most beneficial to said Smyrna Special
School District. Final settlement for said
bonds by any successful bidder or bidders
shall be made or before IL o'clock
Noon (D.S.T.) June IL. 1871. Said bonds
will be issued under the authority of an
Act entitled IAN ACT AUTHORIZING
SMYRNA SPECIAL SCHOOL DISTRICT
TO BORROW $4,000 AND To ISSUE
BONDS THEREFOR FOR THE PURPOS-
ES OF REDEEMING AND REFUNDING
OUTSTANDING BONDS OF SAID DIS
TRICT." approved February 20. 1871 (Be-
ing Senate Bill No. 36).
BOARD OF EDUCATION OF
SMYRNA SPECIAL SCHOOL
DISTRICT,
BY Walter w. Hynson.
President.
Attest: George r. Miller.
Secretary.
Smyrna, Delaware,
May Ii, 1871.