Smyrna times., 1941-05-22
PROPOSAL FOR BIDS
$4,000 THE TOWN OF CLAYTON
REFUNDING BONDS. SERIES Ie4I.

Sealed proposals will be received by THE
TOWN COUNCIL OF THE TOWN OF
CLAYTON at the Town Office at Clayton.
Kent County. Delaware. until $3.50 o'clock
P. N. daylight Saving Time) on Monday.
the second day of June. 1941, for the pur-
chase of $4,000 TOWN OF CLAYTON
REFUNDING BONDS, SERIES OF 1941,
and at the said time and place the sealed
proposals will be publicly opened by said
Town Council.
Said bonds shall bear date of July l.
1871 and shall be of such denominations
and shall be bearer registered bonds as
shall be mutually agreed upon by the sue
cessful bidder and said Town Council, and
shall be numbered cohsecutively beginning
with No. i, and shall bear such rate of in
terest shall be submitted by the most
satisfactory bidder acceptable to said Town
Council, each bidder to specifically state in
his proposal the interest rate upon which
his proposal is based. The maturity date
of said bonds shall be July list, 1856.
The bonds shall provide that THE TOWN
OF CLAYTON shall have the right to re-
deem bonds not in excess of $4,000 on July
/, 1916, or on any sem i-annual interest
date thereafter; $4,000 OF said bonds on
July 1, 1948, or on any ssmi-annual inter-
est date thereafter; $4,000 of said bonds on
July |. 1851. or any semi annual interest
date thereafter, $4,000 of said bonds on
July l, 1851, or on any semi annual inter-
est date thereafter. and balance of $4,000
terest date thereafter. THE TOWN OF
! CLAYTON shall not be required to redeem
the bonds as aforesaid, but shall have such
privilege, but THE TOWN OF CLAYTON
shall not have the right to redeem any
bonds in excess of the optional redemption
schedule above.
| Upon the redemption of any and all
bonds. the lowest numbered bonds outstand-
| ing shall be called. When any or all bonds
are redeemed. all notices Of redemption
shall be published once a week for three
consecutive weeks in a newspaper published
in Kent County. Delaware. and by like pub
| LEGATION in a newspaper published at Will
mington, Delaware. Interest on the said
bonds shall be due and payable on the First
day of January and the First day of July
in each and every year beginning January
/ l. 1912, and while any and all of said
bonds remain unredeemed. Interest on
bonds duly called for redemption shall
cease as of the call date Both principal
and interest shall be due and payable al
The Clayton Bank and Trust Company at
Clayton. Delaware.
The faith and credit of THE TOWN OF
4 CLAYTON are pledged for the payment OF
principal and interest, and said bonds shall
be exempt from State, County and Munic-
ipal taxation in the State of Delaware.
Proposals will be received for the whole
or any part of said issue and each propose
must be accompanied by certified check e
the order of THE TOWN OF CLAYTON
the proposal. Checks of all unsuccessful
bidders will be promptly returned upon
said Town Council rejecting all bids or &C
cepting one or more of the bids submitted
All bids must be addressed and or de
livered in writing to Carl A. Hurd. Presi
dent, or Carroll B. Brown, Secretary. OF
the Town Council of THE TOWN OF
CLAYTON. CLAYTON. DELAWARE. Sale
Town Council reserves the right to reject
any and all proposals and without restric
ton of any kind may accept any propose
or proposals which said Town Counci
deems most beneficial to the TOWN OF
CLAYTON. The said bonds will be ISSUED
under the authority of an Act entitled
IAN ACT AUTHORIZING THE TOWN
OF CLAYTON TO BORROW THIRTY
THOUSAND DOLLARS ($30.00Ol AND TC
ISSUE BONDS THEREFOR. FOR TIL
PURPOSE OF REDEEMING AND RE
FUNDING CERTAIN OUTSTANDING
BONDS OF THE TOWN OF CLAYTON
approved April 8. 1871. being Senate Bill
No. Sc.
THE TOWN COUNCIL
OF THE TOWN OF CLAYTON
By Carl A. Hurd. President.
Attest: Carroll B. Brown. Secretary
Clayton, Delaware, May 81. 1871.