Smyrna times., 1947-07-24
E7fRX
PROPOSAL FOR BIDS
SIS, 900 SMYRNA WATER AND SEWER,
ELECTRICAL AND STREET BONDS,
SERIES OF l947

/
Sealed proposals will be received by the
Mayor and Council of The Town of Smyrna
at the Municipal Building on Main Street,
opposite the Smyrna Post Office, at Smyr-
ma. Delaware, until $3.50 p. M. daylight
Saving Time) on Friday, August l, 1947,
for the purchase of SS5,000 Smyrna Water
and Sewer. Electrical and Street Bonds,
Series of 1947.
Said bonds shall bear date of September
| 1. 1947 and shall bear maturity date of
| September l, 1872, and shall be of such
denominations and shall be bearer or reg
istered bonds as shall be mutually agreed
upon by the successful bidder and the said
Mayor and Council, and shall be numbered
consecutively beginning with No. l and
shall bear such rate of interest as shall be
submitted by the most satisfactory bidder
acceptable to the said Mayor and Council,
each bidder to specifically state in his pro-
posal the interest rate upon which such
proposal is based.
| Two bid proposals are requested from
each bidder. the first bid proposal shall be
based on the following redemption plan,
| to-wt -
$4,000 bonds shall be provided for annual
mandatory redemption on September l,
1948 and each September l thereafter for
a total of fifteen years, aggregating in said
period total redemption of S45,000, and
$4,000 bonds shall be provided for annual
mandatory redemption beginning on Sep
tember l, 1868 and each September / there
| after for a total of ten years, aggregating
over the last stated period $4,000 manda-
tory redemption and thus providing for
mandatory redemption of the entire bond
| issue of $4,000 in a period of twenty-five
years and without The Town of Smyrna
having the right to call for redemption any
bonds except the aforesaid mandatory an
nual redemptions.
| The second proposal shall be based on
| the following redemption plan, to-wit:-
$4,000 bonds shall be provided for annual
mandatory redemption on September l,
| 194S and each September l thereafter for
total of five years, aggregating $25,00O
to and including redemption OF September
| l, 1862, and The Town of Smyrna at its
discretion shall have the right to call for
redemption on any semi-annual interest
date after September l. 1852 such part or
all of the remaining outstanding bonds as
it may desire and in accordance with prop
er notice as hereinafter stated.
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 newspaper published in The
Town of Smyrna, or published elsewhere in
Kent County, Delaware, and in news
paper published in the City of Whining
ton. New Castle County, Delaware.
Interest on bonds shall be due and pay
able on the First day of September and the
First day of March in each and every year
beginning March l.. 194S, while any of said
bonds remain unredeemed.
Both principal and interest shall be due
and payable at The Fruit Growers National
Bank and Trust Company of Smyrna at
Smyrna, Delaware. Interest on bonds duly
called for redemption shall cease as of the
call date.
,>la for tha t,ay of tha
principal and interest of said bonds and the
said bonds shall be exempt from State,
County and Municipal taxes in the State
of Delaware.
Proposals may be submitted for the
whole or any part of said issue and must
be accompanied by a certified check pay
able to the order of The Town of Smyrna
for five percentum of the higher OF the
two proposals requested to be submitted by
each bidder. Such checks of all unsuccess-
full bidders will be promptly returned upon
the Mayor and Council rejecting all bids
or accepting one or more of the bids sub
mitted.
All bids must be addressed and /or de-
livered in writing, to DR.. G. j. Prickett
Mayor of The Town of Smyrna, or Henry
T. Price Secretary of The Town Council
of The Town of Smyrna. The Mayor and
Council expressly reserve the right to re-
iect any and all proposals for said bonds
and without restriction may accept any
proposal or proposals WHICH Iney ueem
most beneficial to The Town of Smyrna.
Final settlement for said bonds by the sue
cessfu bidder or bidders shall be made not
later than August 20, 1947. Said bonds
shall be issued under the authority of an
IAN ACT AUTHORIZING THE
TOWN OF SMYRNA TO BORROW
s85, 900 AND TO ISSUE BONDS
THEREFOR FOR THE PURPOSE OF
EXTENSION AND IMPROVEMENT
SYSTEMS. THE EIECTRfCAL DIS. IS
TRIBUTION SYSTEM AND THE
STREETS IN THE TOWN OF
SMYRNA"
Approved April 10, 1947.
THE TOWN OF SMYRNA
By DR.. G. ]. Prickett Mayor,
Attest: Henry T. Price,
Smyrna. Delaware.
July IL. 1e47.