The Republican. [volume] (Oakland, Md.) 1877-current, 1949-01-13
TUESDAY, JANUARY IS. 1914

- ~'A's 1@S'S1NAA II NJNttAANtsfAN 1 iliiN3 va
TUESDAY, JANUARY Is. 1949
for the purchase of One Million, Five
Hundred Thousand Dollars $780,
100000 par value serial maturity
coupon bonds known as Garrett
County Public School Bonds of 1949."
At 11:05 o'clock A. NJ. on said date,
said sealed bids will be publicly
opened by the said County Commits
sioners of Garrett County and the
bonds will be awarded to the highest
responsible bidder for cash.
The bonds will all be dated Febru-
airy /, 1919. There will be fifteen
hundred (1500) of said bonds, Of the
par value of One Thousand Dollars
Isl ,000.00) each, total One Million,
Five Hundred Thousand Dollars ($1,-
500,000.00), and they will bear in
terest at the rate or rates fixed in
the accepted bid as hereinafter pro-
vided, payable semi-annually on the
first days of February and August in
each year until the maturity of said
bonds, in accordance with interest
coupons to be attached to said bonds.
Said bonds will be numbered con-
secutively from Number One % to
Number Fifteen Hundred (1500), both
numbers inclusive, and will be issued
to mature and be payable in the order
of their consecutive numbers in TWEEN
ty (20) annual serial instalments of
Seventy-Five Thousand Dollars ($75,-
000.00) par amount each, on Febru-
airy first of each of the years 1850
to 1863. both inclusive.
Both the principal and interest of
the bonds will be payable in lawful
money of the United States of Ameri-
ca at the time of payment, at The
First National Bank of Baltimore,
Baltimore, Maryland.
The bonds will be issued subject to
registration as to principal only at
the office Of the Treasurer of Gar
rett County, Registrar, Oakland, Gar
rett County, Maryland.
The proceeds of the sale of said
bonds are to be used exclusively for
school purposes in Garrett County, as
set forth in the Enabling Act and in
a resolution adopted by the County
Commissioners of Garrett County on
December 20, 1913, and the costs Of
issuing the bonds. and for no other
purpose.
Bidders are requested to specify
with their bids the rate or rates of
interest to be paid on the bonds, on
which rate or rates their bids are
based and submitted. The rate or
rates Of interest shall not exceed the
annual rate Of three per cent go
fixed by statute and must be in multi
Piles of one-eighth or one-tenth of one
per cent. Bidders may specify more
than one rate of interest to be borne
by the bonds, but may not specify
more than one interest rate for the
bonds of any one maturity. The bonds
will be awarded to the bidder naming
the lowest rate or combined rates of
interest named in any legally accept
able proposal and offering to pay not
less than par and accrued interest for
the bonds. As between bidders nam
ing the same rate or rates of inter-
est, the proposal Of the bidder offer
ing to pay the largest premium will
be accepted; where the bids of two
OF more bidders are identical in all
respects, the bonds will be appor-
toned equally between all of such
bidders, but if this shall prove I'M
acceptable, the County Commission
ers of Garrett County may, in its dis
erection, determine to which of said
bidders said bonds will be awarded.
The lowest rate or rates of interest
will be determined on the basis of
the lowest interest cost to the County
of the bonds so issued, from the date
of their issue to the last date of ma
turity Of any of said bonds, by adding
~. g 1,,+o l1o
on each bond to maturity under any
proposal and deducting from the total
thereof the amount of the premium
offered to be paid for such bonds in
any such proposal.
The right is reserved to the County
Commissioners of Garrett County to
reject any or all bids.
Each bid must be enclosed in
sealed envelope addressed to the
County Commissioners of Garrett
County, Court House, Oakland, Gar
rett County, Maryland, and marked
on the outside Proposal for Garrett
County Public School Bonds of 1949,"
and must be accompanied by certi-
fled check, drawn to the order of the
Treasurer of Garrett County, Mary
land, for Thirty Thousand Dollars
$3.50, 100000, to secure said County
against any loss resulting from the
failure of the particular bidder to
comply with the terms of his bid. No
interest will be allowed on the amount
of the deposit. Checks deposited by
bidders will be returned
to them when the bonds are awarded
to the successful bidder.
Accrued interest shall be adjusted
to the date of delivery of the bonds
and payment therefor.
Said bonds are issued pursuant to
the authority of Chapter SIS of the
Acts of the General Assembly of
passed at its January Ses-
sion in the year 1947, and are also
issued in accordance with resolutions
duly adopted by the County Com
of Garrett County.
The bonds are issued upon the full
faith and credit of the County Com
missioners of Garrett County and
said full faith and credit is irrevo-
cably pledged to the payment of the
principal and interest of
said bonds Under the provisions of
said Chapter SIS of the Acts of 1947,
and the resolutions adopted by the
County Commissioners of Garrett
County proyiSiOn is made for the