Smyrna times., 1952-09-04
NOTICE OF SALE
s25O,OOO PUBLIC IMPROVEMENT
BONDS OF THE
TOWN OF SMYRNA, DELAWARE

The Mayor and Council of the Town of
Smyrna will receive sealed proposals for
the bonds OF said Town, hereinafter de-
scribed. at the Town Hall at the southwest
corner of South and Main Streets, in the
Town of Smyrna. County of Kent. Della
ware until $3.50 o'clock. p. M. daylight
Saving T1mel on Thursday September /
1852. at which time such proposals will be
publicly opened and considered.
The bonds comprise an issue of $3.50. 900
Public Improvement Bonds, dated Septenl-
Der l. 1852 and payable in annual install-
ments of $4,000 each on September l in
each of the years 1858 to 1877, inclusive
The bonds will bear interest from their
date and such interest will be payable semi
annually on March l and September 1
The bonds will be of the denomination of
$1,000 each and will be coupon bonds reg
isterable as to both principal and interest
Both principal and interest will be payable
at the Fruit Growers Office of the Farmers
Bank of the State of Delaware, in Smyrna,
Delaware
The bonds are issued pursuant to the
authority of Chapter $50 of Volume 48 of
the Laws of Delaware, approved June ;,
1851. to finance the cost of establishing a
sewage DISPOSAL plant for the use of the
Town and of extending and improving the
Towns water and sewer systems and cleo
trical distribution system and of extending
and improving the streets in the Town.
Each proposal submitted must name the
rate of interest per annum to be borne by
the bonds and the rate named must be
multiple of one-eighth of one per centum
and must be the same for all the bonds bid
for. The purchase price specified in the
PROPOSAL must not be less than S250,000. In
selecting the proposal to be accepted, the
Mavor and Council will not consider pro-
posals which name rate of interest higher
than the lowest rate named in any legally
acceptable proposal. The proposal naming
the lowest rate will be accepted unless two
or more proposals name the lowest rate
of interest. in which event that one of
such last mentioned proposals which offers
the highest price will be accepted.
The purchaser must pay accrued interest
from the date of the bonds to the date of
delivery. No interest will be paid on the
deposit made by the successful bidder. The
right is reserved to reject any or all bids.
Proposals should be addressed to the un-
dersgncd Mayor and enclosed in sealed
envelope marked on the outside Proposal
for Bonds. Bidders must at the time of
making their bids deposit a certified or
cashiers or treasurer's check for Sl2,500
drawn upon a bank or trust company for
such amount to the order of the Town of
SMYRNA. to secure the Town from any loss
resulting from a failure of the bidder to
comply with the terms of bis bid. Checks
of unsuccessful bidders win be returned
upon the award OF the bonds.
The faith and credit of the Town of
SMYRNA are pledged for the payment Of the
principal of and interest on the bonds and
the bonds will be exempt from State, Coun-
ty and municipal taxes in the State of Del
aware.
The bonds will be delivered to the pur-
chaser on or about September Is, 1862, at
the Town Office. in the Town Office,
SMYRNA. Delaware, upon payment of the
purchase price in accordance with the pur-
chasers bid The Town will furnish with
out cost. to the purchaser at the time the
bonds are delivered, the opinion of Messrs.
Reed. Hovt & Washburn, of New York
City. that the bonds are valid and legally
binding obligations of the Town, and that
the Town is authorized and required by law
to levy on all real property taxable by the
Town such ad valorem taxes as may be
necessary to pay the bonds and the interest
thereon without limitation as to rate or
amount
Proposals may be delivered to Mr.. John
E. Wilson. Jr., Secretary of the Town
Council of the Town of Smyrna at any
time prior to $3.50 PM. daylight Saving
Timel on September IL, 1852.
Dated. August 10, 1852.
THE TOWN OF SMYRNA
Bv:
George R. Stevenson.
Mayor
Attest ]. E. Wilson, Jr.,
Sec'y of Council