Smyrna times., 1941-05-22
PROPOSAL FOR BIDS

| REFUNDING BONDS, SERIES OF 1s4I.
Sealed proposals will be received by tn.
Mayor and Council of The Town Of Smyrna
at the Municipal Building on Main Stree
opposite the Post Office, at Smyrna. Della.
ware, until $3.50 p. M. Daylight Savinq
1 l1me) on Friday. June 6, 1871, for the pur.
chase OF $4,000 The Town of Smyrna Re
FUNDING Bonds Series, of 1871, and at the
same time and place the sealed proposals
and Council
Said bonds shall bear date of july i
1871 and shall bear maturity date of ,I,,Iv
l. 1865, and shall be of such denominations
and shall be bearer or registered bonds ac
shall be mutually agreed upon bv the s,c-
cessful bidder and the said Mayor and
Council. and shall be numbered consecutive
ly beginning with No. l and shall bear
such rate of interest as shall be submitted
py the most satisfactory bidder acceptable
70 said Mayor and Council, each bidder TO
specifically state in his proposal the inter
est rate upon which each proposal is based
Two bid proposals are requested from
each bidder, one based on the following
redemption plan, to wit g.
$4,000 bonds shall be provided for man
datory redemption on July 1, 1912 and each
July thereafter for total of fifteen years
aggregating $4,000. and $1,000 shall be
provided as mandatory redemption July /,
1891 and like amount each July l there
after Tor a total of ten years, or aggregate
for said ten years of $4,000. and making
grand aggregate of mandatory redemptions
of $4,000 by July /. 1866. and without
the right to call for redemption any bonds
except the mandatory redemptons Just
stated.
The second proposal shall be based on the
following redemption plan. to-wit :-
Bonds not in excess of $4,000 may be
called for redemption on July l. 1912 and
like amount on each July l thereafter for
a total of five years, aggregating S25, 900,
and effective July l, 1947 and any semi
annual interest date thereafter. all or any
part of said remaining bonds may be call
ed for redemption at the discretion of The
Town of Smyrna.
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 called for redemption. notice
shall be published once week for three
consecutive weeks prior to the redemption
date in a newspaper published in the City
of Wilmington and in a newspaper publish
ed in Kent County Delaware. Interest on
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 |. 1912, while any 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 at The Fruit Growers Ma
tional Bank and Trust Company of Smyrna
at Smyrna. Delaware.
The faith and credit of THE TOWN OF
SMYRNA are pledged for the payment of
principal and interest. and said bonds shall
be exempt from State. County and Munic-
ipal taxes in the State of Delaware.
Proposals will be received for the whole
or any part of said issue and must be &C
companied by certified check to the order
of The Town of Smyrna for five percentum
of the amount of the higher of the two
proposals requested to be submitted by each
bidder
Checks of all unsuccessful bidders will be
promptly returned upon the Mayor and
Council rejecting all bids or accepting one
or more of the bids submitted.
All bids must be addressed and or de-
livered in writing to DIR. r. F. Corley.
Mayor. or s. Creadick Ennis. Secretary of
Council, Smyrna, Delaware. The said Mayor
and Council reserves the right to reject any
and all proposals for said bonds and with
out restriction of any kind may accept any
proposal or proposals which they deem
most beneficial to The Town of Smyrna.
Final settlement for said bonds by success
full bidder or bidders shall be made not
later than June 30. 1871. Said bonds shall
be issued under the authority of Act en-
titled
OF SMYRNA TO BORROW ONE HUN
DRIED AND TEN THOUSAND DOLLARS
lsl1o.oool AND TO ISSUE BONDS
REDEEMING AND REMINDING GER
TAIN OUTSTANDING BONDS OF THE
TOWN OF SMYRNA
approved April Is, 1871 (being House Bill
1897.
BY DIR. r. +. Corley Mayor,
Attest: s. Creadick Ennis.
Secretary of Council.
May 81. l941.
Smyrna, Delaware.