Smyrna times., 1950-12-28
PROPOSAL FOR BIDS
S24O,OOO. SMYRNA SPECIAL SCHOOL
DISTRICT BONDS, SERIES OF 1881


sz4O'OOO. SMYRNA SPECIAL SCHOOL
DISTRICT BONDS, SERIES OF 1851
Sealed proposals will be received by the
6oard of Education of Smyrna SneciaI
ochool District at the office of the Secre-
tary OF the said Board at John Bassett
M moore High School, on Frazier St., in the
until 8 O'Clock Pm. Eastern Standard
'IlmeJ, on Wednesday, the 18th. day of
January, AID. 1851, for the purchase Of
S24O.OOO. of bonds of Smyrna Special
school District, Series of 1851, and at
said time and place the sealed proposals
vii be publicly opened by the Board of
Education of said District.
! Said bonds shall bear date of February
10, AID. 1851 and the said issue shall
consist of 240 bonds, each of the denom-
ination. of $1,000. Said bonds shall be
coupon. bearer bonds and shall be num-
nered consecntivelY beginning with No. /
and ending with No. 240, and ten (1O)
Of said bonds or 81. .O0U.-a each. and NUM-
bered from l to 10 inclusive shall be due
February Is, AID 1852 and ten (lO) of
said $1,000 bonds, in consecutive order
shall be due each February 18th. there
after. 50 that bonds inl the amount of
$4,000. shall be due each February 18th.
as aforesaid. beginning in 1862 and end
ing in 1875. No bonds of said, Series of
1851 shall contain other callable provision
Interest on all of said bonds shall be
due and payable semi-annually on each
August 18th. and February 18th. of each
and every year during athe term of said
bonds. Both principal and interest of said
bonds yshall be due and payable at the
Farmers Bank, Dover Delaware.
y The faith and credit of Smyrna Special
School District are pledged for the pay
ment of the principal and interest of said
bonds and said bonds shall be exempt
frR11 xuff ~ Yarfra aaf,N
and interest by the State of Delaware, or
any political subdivision thereof, for any
purpose. kt
!. Bids shall state the price bid for the
said bonds which shall not be less than
$240,000. and bids shall state the rate of
interest the bonds are to pay, but inter-
est rate must be a multiple of Is of 1@o.
Bids may be submitted for the whole or
Iany part of said issue. Each proposal
must be accompanied by certified check
payable to the order of said Board of
Education for five $50 per centum of
the amount of the proposal, otherwise the
proposal cannot be considered. The bonds
will be awarded to the bidder whose bid
specifies the lowest rate of interest, with
out regard to premium, but if two or
lmore bidders specify the same lowest rate
,of interest, the bonds will be awarded to
the bidder offering the highest premium.
( The certified checks of all unsuccessful
said Board of Education rejecting all bids
or accepting one or more of the bids, and
1.-THE check or checks of the successful bid
ider or bidders will be retained by said
sBoard of Education on account of the pur-
achase price or prices for said bonds and
lin event of noncompliance of the success
full bidder or bidders, time being of the
essence said so deposit or deposits shall
/ be retained by said Board of Education
as ascertained and liquidated damages.
Settlement by the successful bidder or
bidders shall be made at the office of
Board of Education, at 1917 Dover Green,
Dover Delaware, or at the Farmers Bank,
Dover, Delaware, at the option of the sue
cessful bidder or bidders, at o'clock P M.
( Eastern Standard Time) on Thursday,
February Is, 1851. The settlement balance
ishall be then paid by certified check pay
able to the order of the Board of Education
of said District, and duly executed bonds
i will be delivered to the successful bidder or
bidders at said time and place of settle
ment.
The approving opinion of Messrs. Reed,
iHoyt and Washburn of New York City
will be furnished to the purchaser or pur-
tchasers without cost.
All bids shall be addressed and /or de-
livered to George w. Wright, Secretary OF
said Board of Education, John Bassett
Moore High School, Frazier St., Smyrna
Kent County, Delaware.
The said Board of Education expressly
reserves the right to reject any and all
proposals for said bonds and without re-
strictions may accept any proposal or pro
posals which said Board of Education
deems beneficial to said Smyrna Specia
School District. The said bonds shall bt
issued under the authority of an Act en-.
titled IAN ACT TO AMEND CHAPTER
i'll, REVISED CODE OF DELAWARE
1935, RELATING TO FREE PUBLIC
SCHOOLS, AUTHORIZING THE AC
QUISITTON OF LANDS AND BUILD
!iNGS THEREFOR, AUTHORIZING AMI
REGULATING THE ISSUANCE OF
BONDS FOR SUCH PURPOSES, PRE-
lSCRIBING A NEW LIMIT UPON THE
AMOUNT OF SUCH BONDS WHICE
MAY BE ISSUED, AND PROVIDING
FOR THE MAKING AND KEEPING OF
RECORDS IN RELATION TO SUCE
bonds" passed at the Second Specia
Session of the 115th. General Assembly
approved November a, 1919, and said bono
issue having been approved by the Stat
Board of Education of the State of Della
ware and the State School Building Pro
gram Board and also the issuance of sait
bonds having been duly approved ant
authorized by the affirmative action of th'
qualified voters of Smyrna Special Schoo
District by referendum election as provid
ed by statute and which election was dul.
certified to and approved by the Stat'
Board of Education of the State of Della
ware.
! pOApn on EDTrCA1TON