The Farmville herald and farmer-leader. (Farmville, Va.) 1934-1957, 1953-09-25
LLGAL >tlii<ls4
LEGAL NUif<s4
~~~~ - ~~~~~ -
NOTICE OF SALE
TOWN OF DILLWYN. VIRGINIA
:l30,eco WATER AND SEWER
September 80, 1853
! o'clock P. NJ
(E. s. tn
BONDS

Nonds Of such Town herelna ftey
described at the Mayors office,
n DillWyn, Virginia until 90
o'clock, P NJ. Eastern Standard
Timet. on September 30, 1858. at
'hich time all proposals received
i'll be publicly opened and con-
iidered by the Council
The bonds consist of an issue Of
$4,000 Water and Sewer Bonds.
payable in annual inStallmentS OH
September l in each year as fol-
lows: $4,000 in the year 1854
$4,000 in each OF the years 1855
and 1856. $4,000 in each Of the
years 1857 to 1859 inclusive.
$4,000 in each of the years 1860
to 1868, inclusive. $4,000 in each OF
the years 1904 to 1868. inclusive,
$1,000 in each of the years 1869
to 1874 inclusive. $4,000 In the
year 1875. and $4,000 in the year
1876 The bonds are of the de
AACAiA'A4a O4O44 Vi 81 tuOp tdt II ana are
dated September I, 1858. Interest
is payable semi annually on
March ! and September The
bonds are coupon bonds without
privilege Of registration and are
payable at the office Of The
First and Merchants National
Bank, in Richmond Virginia.
Bidders are invited to name the
rate OF rates Of interest which the
bonds are To bear Each rate nam
ed must not exceed -four per CEN
j., tum "a per annum and must
be a multiple Of one-tenth or one
eighth of one per centum. Not
more than three rates may be
named and not more than one
rate may be named for bonds Of
the same maturity Each proposal
submitted must offer to purchase
all Of the bends and must offer
a price which is not less than
par and accrued interest Unless
all proposals are rejected. the
bonds will be awarded to the bid
der whose proposal results In the
lowest net interest cost to the
Town and the net interest cost
Will be determined by computing
the aggregate amount OF interest
payable on the bonds from their
date to their respective maturitie5
and by deducting from such ag-
eregate amount the premium Of
fered, if any. In addition to the
price bid the purchaser must pay
accrued interest from the date Of
the bonds to the date Of the pay
ment of the purchase price.
The faith and credit Of the
Town are pledged to the payment
Of the bonds The Town is
authorized and required to levy on
all real property taxable by the
Town such els ad yalorem taxes as
nay be necessary to pay the bonds
and the interest thereon without
imitation as to rate OF amount
The proceeds of the bonds VIII
pc used to construct, build and
1uip a combined water surplv
and 1anitary sewer system for the
Town. BY issuing bonds the Town
will become obligated to the hold
ers of the bonds to % charge
rates for water and services fur
nished by the combined system.
and ~ fix and maintain such
rates at a level which will produce
sufficient revenue to pay for the
cost Of operation and admnistra-
ton Of the system (including in
terest on bonds issued therefor
md the cost Of insurance against
loss by injury to persons and
property and an annual amount
TO be covered into a sinking fund
sufficient to pay. at or before
aturity, all bonds issued to fl
nance such system, and go apply
the revenue which the Town de-
riVeS from such system TO the eX-
tent necessary to the payment OF
such cost of operation and adj
mlnistration and to the payment
OF such annual amount, and -
segreRate and keep segregated,
from all other funds, all revenue
derived by the Town from It's
operation and ownership of such
system
Each proposal must be accom-
panied BY certified or bank
cashiers check or checks for
$4,000. drawn upon an lncorpo-
rated bank or trust company and
payable to the order of the Town
OF DillWyn. To secure the Town
against any loss resulting from a
failure OF the bidder to comply
with the terms Of his proposal. |
The check or checks Of the bid
der whose proposal is accepted
Will be deposited by the Town and
credited on the purchase price
The proceeds Of the check or
checks will be retained by the
Town as liquidated damages in
case the bidder fails to accept de-
livery Of and pay for the bonds.
Checks Of unsuccessful bidders
will be returned upon the award
Of the bonds. The right to reject
any or al lof the proposals is
hereby reserved
The approving opinion Of