Smyrna times., 1950-07-20
PROPOSAL FOR BIDS
s1S,6OO Clayton Consolidated School
District No. 119 Bonds, Series of 1850

s1s,sOO Clayton Consolidated School
District No. 11s Bonds, Series of 1850
Sealed proposals will be received by
the Board of School Trustees of Clayton
Consolidated School District No. 1l9 at
the Office of the Principal at Clayton
Public Schools on West Main Street at
Clayton, Kent County, Delaware, until
eight o'clock PM. daylight Saving Time)
on Tuesday, the 25th day of July AID.
1850 for the purchase of Thirteen Thou
sand, Six Hundred Dollars ($1S,600) of
bonds of Clayton Consolidated School Dis
trict No. 119, Series of 1850, and at said
time and place the sealed proposals will
be publicly opened by said Board of School
Trustees.
Said bonds shall bear date of the First
day of September AID. 1850 and said
issue shall consist of fourteen bonds
which shall be coupon, bearer bonds and
shall be numbered consecutively beginning
with Number One, which bond shall be
of the denomination of $500 and the re-
naming thirteen bonds shall each be of
the denomination of $1,000 and said bond
numbered One Shall be due September /,
1851 and each of the remaining bonds in
consecutive order shall be due the first
day of each September thereafter begin
ming with bond Number Two due Septem-
ber l, 1852 and the last bond, namely
bond Number Fourteen, being due Septem-
ber l, 1864.
Alternate proposals are requested where
by (A) no bond shall be callable before
its maturity date (B) bonds not in excess
of $4,000 shall be callable on September l,
1854 or on any semi-annual interest date
thereafter, bonds not in excess of $4,000
shall be callable on September /, 1858 or
any semi-annual interest date thereafter
and bonds not in excess of $4,000 addi-
tional shall be callable on September l.,
1862 or any semi-annual interest date
thereafter. All notices of redemption Of
bonds shall be published at least twice,
once a week, prior to the redemption
date, in two newspapers, one published in
Kent County, Delaware, and one published
in the City of Wilmington, New Castle
County, Delaware, and such notice shall
indicate by number the bonds so called
and in above OBJ redemption, bonds shall
be called in sequence beginning with the
highest numbered bond outstanding.
Interest shall be due and payable semi
annually on the first days of March and
September of each and every year during
the life of the bonds. Both principal and
interest of said bonds shall be due and
payable at the Farmers Bank at Dover,
Delaware. All interest due on bonds called
for redemption shall cease as of the call
date of the bonds as provided therein.
The faith and credit of Clayton Con-
solidated School District No. 119 are
pledged for the payment of the principal
and interest of said bonds which shall be
exempt from taxation with respect to both
principal and interest by the State of
Delaware or any political subdivision
thereof for any purpose.
Bids shall state the price bid for the
bonds, which shall not be less than $13,600,
and shall also state the rate of interest
the bonds are to pay, but no interest rate
shall contain a fraction of less than rs
of 10. Proposals must be submitted for
the whole of said issue and each pro-
posal must be accompanied by certified
check to the order of said Board of School
Trustees for 1870 of the amount of the
proposal. Certified checks of all unsuc-
cessful bidders will be promptly returned
upon said Board of said School Trustees
rejecting all bids or accepting one of the
bids. Such certified check of the success
full bidder shall be retained on account
of settlement for said issue and in the
event of noncompliance, time being of
the essence, said 1879 deposit shall be re-
tanned by said Board of School Trustees
as ascertained and liquidated damages.
Settlement by the successful bidder shall
be made at the office of Charles l.. Har-
monson, attorney. 15-17 Dover Green,
Dover. Delaware, on Friday, September l,
1850 at 2 o'clock Pm. Daylight Saving
Time) unless said Board of School Trus-
tees and the successful bidder agree upon
earlier settlement date and /or another
place of settlement within the State of
Delaware. Said settlement balance of the
successful bidder shall be by certified
check payable to said Clayton Consolidated
School District No. 119, and duly executed
bonds shall be delivered to the successful
bidder at the time and place of said settle
ment.
All bids must be addressed and /or de-
hvered to William L. Torbert. Jr., Clerk
Of the said Board of School Trustees, at
Clayton, Delaware.
The said Board of School Trustees ex-
pressly reserves the right to reject any
and all proposals for said bonds and with
out restriction may accept any proposal
which said Board of School Trustees deems
beneficial for said School District.
The said bonds shall be issued under
the authority of an Act entitled IAN Act
To Amend Chapter II of the Revised Code
of Delaware, 1885, Relating to Free Public
Schools, Authorizing the Acquisition of
Lands and Buildings Therefor, Authorize
ing and Regulating the Issuance of Bonds
for School Purposes, Prescribing New
Limit Upon the Amount of Such Bonds
Which May Be Issued and Providing for
the Making and Keeping of Records in Re
lation to Such Bonds" passed at the Sec
ond Special Session of the 115th General
Assembly, approved November A, 1949, and
said bond issue having been approved by
the State Board of Education of the State
Of Delaware and by State School Building
Program Board and also said bonds hav-
ing been duly approved and authorized by
the affirmative action of the qualified voters
of said School District by referendum
election duly certified to and approved by
the State Board of Education of the State
of Delaware.
BOARD OF SCHOOL TRUSTEES
OF CLAYTON CONSOLIDATED
SCHOOL DISTRICT NO. 119
By: Dudley Crossley, Chairman
Attest: William L. Torbert, Jr.
Clerk
Clayton. Delaware