Smyrna times. [volume] (Smyrna, Del.) 1854-1987, 1941-05-29
PROPOSAL FOR BIDS
$4,000 THE TOWN OF CLAYTON
REFUNDING BONDS, SERIES 1871

Sealed proposals will be received b,, ,-ryu
TOWN COUNCIL OF THE TOWN NJ
CLAYTON at the Town Office at Clavton
Kent County, Delaware, until "a oicloaI Z
P. M. daylight Saving Timel On Mon5sv &
the second day of June, 1891. for the ~
chase of 100000 TOWN OF CI.AYTEON
REFUNDING BONDS, SERIES OF ie1I
and at the said time and place the sesIsJ
proposals VIII be publicly opened by SD
Town Council.
Said bonds shall bear date Of july
1871 and shall be Of such denominatior.
and shall be bearer or registered bona. :.
snail be mutually agreed upon by the -
cesstul bidder and said Town Council ma
shall be numbered cohsecutively beginnin-
with NO. /, and shall bear such rate of in.
terest as shall be submitted by the -
satisfactory bidder acceptable to said To,r1
Council. each bidder to specifically sac IN
ms proposal the interest rate upon vrbicL
his proposal is based. The maturity 49,
OF said bonds shall be July lst, 1856.
The bonds shall provide that THE TOWN z
OF CLAYTON shall have the right 70 ra.
deem bonds not in excess Of $4,000 on july
l, 1916, or on any semi-annuaI interest
date thereafter; $4,000 Of said bonds an
July /, l94S, or on any seni-annual inter
est date thereafter $4,000 Of said bonds on
July l. 1850. or any semi-annual Interest
date thereafter, $4,000 of said bonds on
July l, 1851. or on any serni-annual inter
on July l. 1858, or on any semi-annuaI in
terest date thereafter THE TOWN OFF
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 10 redeem any
bonds in excess Of the optional redemption
schedule above.
Upon the redemption 81 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 newspapr published
IN Kent County, Delaware. ard by ike pub
4 LEGATION in a newspaper published al Viii
mington, Delaware. Interest on the said
+ bonds shall be due and payable on the First
day of January and the First day Of July
I in each and every year beginning Janusr ~
l. 1912, and while any and sll 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 at
The Clayton Bank and Trust Company at
Clayton, Delaware.
The faith and credit Of THE TOWN OF.
! CLAYTON are pledged for the payment Of
principal and interest. and said bonds shall
be exempt from State, County and Munic-l
ipal taxation in the State of Delaware.
Proposals will be received for the whole
or any part of said issue and each proposal
the order of THE TOWN OF CLAYTON
for five $50 per centum Of the amount 81
the proposal. Checks of all unsuccessful
bidders will be promptly returned upon
said Town Council rejecting all bids or ac-
cepting one or more of the bids submitted
All bids must be addressed and or de-
livered in writing to Carl A. Hurd, presl-
dent. or Carroll B. Brown, Secretary, q
the Town Council of THE TOWN Or
] CLAYTON. CLAYTON. DELAWARE. sad
Town Council reserves the right to reject
anv and all proposals and without restric-
ton of any kind may accept any proposal
or proposals which said Town Council
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 TOMN
OF CLAYTON TO BORROW THIRTY
THOUSAND DOLLARS (S30.000) AND ~
ISSUE BONDS THEIR EFOR. FOR The
PURPOSE OF REDEEMING AND kE-
FUNDING CERTAIN OUTSTANDi1NIG; =
BONDS OF THE TOWN OF CLAfTOHS:.,
approved April 9. 1871. being Senate Bill
No. &c.
THE TOWN COUNCIL o,.
OF THE TOWN OF CLAY ION
By Carl A. Hurd. President.
Attest: Carroll B. Brown. Secretary
Clayton. Delaware. May p. 1891.