The daily monitor. (Mount Clemens, Mich.) 1940-1942, 1941-08-18
BIDS WANTED

BIDS WANTED
100000
SCHOOL DISTRICT NO. 7 FRACTIONAL
CLINTON AND HARRISON TWPs..
MACOMB COUNTY, MICHIGAN
"is4l Refunding Bonds"
Sealed proposals for the purchase of
''i94l Refundins Bonds" OF School Dis
trict No. Fractional, Clinton and Har-
rison Townships, Macomb County.
Michigan. Of the face amount of $50
signed at the office Of the Board of
Education of said School District in
Herman Xix School, Mt. Clemens.
Michigan. until August 26, l94i, At 500
o'clock p. M. Eastern Standard time,
at which time they will be opened and
The bonds will be dated August I,
iS4l: will mature S2.0O0OO April /. each
year. lS43 to 1882 both inclusive. S.
10000 April ], each year. 1883 TO 1852
both inclusive; will be numbered scon-
secutively in the direct order of their
maturities from l to so both inclusive;
will be coupon bonds of the dcnomina-
ton of 100000 each. and will bear in
terest at rate. or rates. not exceeding
2hro per annum to and including April
l, lS<7, not exceeding SO per annum
thereafter TO and including April /. 1882.
not exceeding 3isT per annum there
after until paid. expressed in muitiples
l, 1912 and semi annually thereafter on
October LIST and April LIST of each year.
Bonds AZ to so both inclusive. will be
subject to redemption prior 10 maturity
in inverse numerical order, at par and
accrued interest, upon 30 days pub
lished notice, on any one or more inter-
est payment dates on and after the fol-
lowing dates, to-wit: Bonds 10 to 50 both
inclusive. maturing in 1862, on and after
October /. 1912. Bonds Nos. Is TO ~ both
inclusive maturing in 1861, on and after
October /. l943, Bonds Nos. AZ to ~ both
inclusive. maturing In 1860. on and after
October /. 1914. Both principal and in
terest will be payable at the Detroit
Trust Company. Detroit. Michigan.
The bonds will be the general obliga-
tons Of the School District which Is
authorized and required by law to levy
upon all taxable property therein such
ad valorem taxes as may be necessary
to pay the bonds and interest thereon
without limitation as to rate or amount.
Bonds will be awarded to the bidder
whose bid produces the lowest interest
cost to the school district after deducting
the premium offered, IL any. Interest
on premium shall not be considered as
deductible in determining the net in
terest cost Interest on callable bonds
Is to be computed to maturity.
No proposal for less than all of the
bonds will be considered.
Envelopes containing the bids should
be plainly marked Proposal for Bonds"
A certified check in the amount of
70, Of the par value of the bonds. drawn
upon an Incorporated bank or trust
company. and payable to the order of
School District No. Fractional. Town
ships of Clinton and Harrison. must &C
company each bid as a guarantee of
good faith on the part of the bidder.
No interest will be allowed on the good
faith checks
Bids shall be conditioned upon the
unqualified opinion OF Miller, Garfield,
Paddock and Stone, Attorneys Detroit.
Michigan approving the legality Of the
bonds. The cost OF such opinion and
of printing the bonds will be paid by
the school district.
The right is reserved TO reject any
CARL STAEB.
Secretary.
School District No. 7 Fractional
Townships Of Clinton and Harrison
Approved ~ to form August IL, 1871
PUBLIC DEBT COMMISSION
Aug. ls-Monitor