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


Sealed proposals will be received by the
Mayor and Council of The Town of Smyrna
at the Municipal Building on Main Street
opposite the Post Office, at Smyrna, Della
ware. until $3.50 P. M. daylight Saving
IimeD on Friday. June 6. 194l, 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
VIII be publicly opened by the said Mayor
and Council.
Said bonds shall bear date of July l..
1871 and shall bear maturity date of July
|, 1866, 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 the said Mayor and
Council. and shall be numbered consecutive
~ beginning with No. l and shall bear
such rate of interest shall be submitted
by the most satisfactory bidder acceptable
to 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 3
$4,000 bonds shall be prov ided for man.
datory redemption on July /. 1912 and each
July thereafter for total of fifteen years
aggregating 100000. and $1,000 shall be
provided as mandatory redemption July /.
1857 and like amount each July l there
after for total of ten years. or aggregate
for said ten years of $50 900. and making
grand aggregate OF mandatory assumptions
of $4,000 by July 1. 1866. and without
the right to call for redemption any bonds
except the mandatory redemptions 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 |. 1912 and
like amount on each July l thereafter for
total of five years, aggregating $4,000.
and effective July l. l947 and any semi
I r.
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 a week for three
consecutive weeks prior to the redemption
date in a newspaper published in the City
of Wilmington and in 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.
]
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 ac-
companied by certified check to the order
of The Town of Smyrna for five percentun
of the amount of the higher of the two
proposals requested to be submitted by eaef
bidder.
Checks of all unsuccessful bidders will b.
promptly returned upon the Mayor anC
Council rejecting all bids or accepting on'
or more of the bids submitted.
All bids must be addressed and or de
Iivered in writing to DR.. Il. +. Corley
Mayor. or S. Creadick Ennis. Secretary o.
Council. Smyrna, Delaware. The said Mayo
and Council reserves the right to reject an,
and all proposals for said bonds and with
out restriction of any kind may accept an!
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 no
later than June 30, 1871. Said bonds shai
be issued under the authority of an Act en-
titled ,,xrr, ,,e,,,,,
t0F SMYRNA TO BORROW ONE HUN
DRIED AND TEN THOUSAND DOLLAR!
T Fl TJ1JSF FOR THE PURPOSE o.
RFDFEMING AND REFUNDING GER
TAIN OUTSTANDING BONDS OF TIL
TOWN OF SMYRNA"
approved April 1s. 1871 (being House Bill
1897. ,r e,,vn,,.
BY DR.. r. F. Corley. Mayor.
Attest: s. Creadick Ennis.
Secretary of Council
May 81. 1871.
Smyrna. Delaware.