The Republican. [volume] (Oakland, Md.) 1877-current, 1956-07-05
County Commissioners OF
Garrett County, Maryland
SALE OF S5OO,OOO.OO
GARRETT COUNTY PUBLIC
SCHOOL BONDS or 1856
DATED AUGUST !, 1856

rett County, Maryland, at their Of
flee in the Court House. Oakland,
Garrett County, Maryland. until
1900 o'clock A. NJ, Eastern Day
light Saving Time. on
TUESDAY. JULY II, 1856
for the purchase of Five Hundred
Thousand Dollars CS50000000) ag-
gregate par value serial maturity
coupon bonds known as Garrett
County Public School Bonds of
1856"
AT HOS o'clock A. NJ, E.D.S.T.,
on said date, said sealed bids will
be publicly opened by said County
Commissioners of Garrett County
in their office as above, and said
bonds will be awarded to the high
est responsible bidder, for cash.
Said bonds will all be dated
August l. 1856. The issue will CON
sist of five hundred 500 bonds,
numbered consecutiVely from No.
! to No. 500 inclusive. each of the
par value of One Thousand Dol
lars Isl 100000. total S500.00000,
and the bonds shall bear interest
at the rate or rates fixed in the ac-
copied bid, as hereinafter provided.
said interest to be payable semi
annually on February ! and August
l in each year, accounting from the
date Of the bonds until their re-
spective maturities. in accordance
with interest coupons to be at
tached thereto. Said bonds will
mature and be payable over a
period of tWenty-four years from
date Of issue, in the order of their
consecutive numbers, in twenty
C20l equal annual serial Install
ments of twenty-five Thousand
Dollars CS25,00000) par amount
each on August LIST in each of the
years 1860 to and including 1879
Said bonds are issued pursuant to
the authority of Chapter II of the
Acts of the General Assembly of
Maryland, passed at its March SEES
sion in the year 1856. and in ac-
cordance with proper proceedings
duly had and taken by the County
Commissioners of Garrett County.
Both the principal and interest of
the bonds will be payable in law
full money of the United States of
America at the time of payment,
at The First National Bank of Bal
timore. Baltimore. Maryland.
The bonds will be issued subject
TO registration as to principal only
at the office of the Treasurer of
Garrett County Oakland. Garrett
County, Maryland, Registrar.
The proceeds of the sale of these
bonds are to be used exclusively
for school purposes in Garrett
County. as set forth in the En-
abiing Act and in a Resolution duly
adopted by the County Commits
sioners of Garrett County, and to
pay the costs incident to the is
suance of 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 Said rate or
rates of interest shall not exceed
the annual rate of three per CEN
tum 30 } fixed by statute and must
be in multiples of One-eighth or
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 ac-
ceptable proposal and offering to
pay not less than 81 and accrued
interest for the bonds. AS between
bidders naming the same rate or
rates of interest, the proposal of
the bidder offering to pay the larg-
est price will be accepted Where
the bids of two or more bidders
are identical in all respects. the
bonds will be apportioned equally
between all of such bidders. but if
TINS shall prove unacceptable to
the County Commissioners. then
SAID Board may, in its discretion,
determine to which of said bidders
the 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 maturity of any of said bonds.
by adding the dollar amount of
interest payable on each bond
to maturity under any proposal and
ca adding to the total thereof the
amount of any discount below par
in the bid price, or Cb) deducting
from the total thereof the amount
OF the premium offered to be paid
for said bonds in any such pro-
posal
The right is reserved to the
County Commissioners of Garrett
County to reject any or all bids. In
the event any question arises as to
the regularity of any bid, or its
conformity to the terms of the ad-
vertisement, the decision of the
County Commissioners shall be fl
nal and shall bind all interested
parties.
Each bid must be enclosed in a
sealed envelope, addressed to
County Commissioners of Garrett
County, Court House, Oakland,
Garrett County, Maryland" and
market on the outside. Proposal
for Garrett County Public School
Bonds of 1856 and must be ac-
companied by 4 certified check
drawn to the order of Treasurer
of Garrett County Maryland" for
100000, to secure the 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 de
posted by unsuccessful bidders
will be returned to them when the
bonds are awarded to the success
full bidder.