The Republican., 1956-09-13

AT 12.05 O'Clock +. M. on Sdlu
date said sealed bids will be pub
licly opened by the Mayor and the
Council of Grantsville in said Town
office, and said bonds will be
awarded to the highest responsible
bidder therefor, for cash.
The bonds will all be dated Oc-
tober l, 1856. The issue will consist
of Forty 400 bonds, of the par value
of One Thousand Dollars Sl,0O0.OO)
each, numbered consecutively from
No. One % to No. Forty (40), both
numbers inclusive. Said bonds will
be in serial maturity coupon form
and will mature and be payable
over a period of twenty (20) years,
1857 to and including the year 1876,
in annual serial installments of Two
Thousand Dollars CS2,00000) in each
of said years.
The bonds will bear interest at
the rate or rates fixed in the ac-
cepted bid, as hereinafter provided,
said interest to be payable semi
annually on October l and April
in each year, accounting from Oc-
tober 1, 1856, until the respective
maturities of the bonds, in accord
ance with the interest coupons to
be attached thereto.
Both the principal and interest
of the bonds will be payable in
lawful money of the United States
of America at the time of payment
at The First State Bank of Grants
vile, Grantsville, Garrett County,
Maryland
The bonds will be issued subject
to registration as to principal only
at the office of The First State Bank
of GrantSville, Grantsville, Garrett
County, Maryland, Registrar.
The proceeds of the sale of these
bonds are to be used for the pur-
pose of constructing a water tower
water tank and connecting water
lines, and the payment of profess
SiOnal fees and other expenses Incl
dent thereto, and for no other pur-
pose.
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. The rate or
rates of interest shall not exceed
the rate of four per centum $50
per annum, and must be in multi
plies of one-eighth Il 8th) or one
tenth Il 10th of one per centum
1foD per annum. Bidders may
specify more than one rate of in
terest to be borne by the bonds,
INnf nf Hat
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 in
tereSt named in any legally ac-
ceptable proposal and offering to
pay not less than par 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
largest premium will be accepted;
where the bids of two or more bid
derS are identical in all respects.
the bonds will be apportioned
between all of such bidders,
but if this shall prove unacceptable
to the Mayor and Council of Grants
vile, said Mayor and Council of
Grantsville may. in their discretion.
determine to which of said bidders
the bonds will be awarded. The low
est rate or rates of interest will be
on the basis of the low
est interest cost to the Town of
the bonds so issued, from the date
OF their issue to the last date OF
maturity of any of the said bonds,
by adding the dollar amount of in
terest payable on each bond to ma
turity under any proposal, and de-
ducting from the total thereof the
amount of the premium offered to
be paid for such bonds in any such
proposal.
The right is reserved to the Town
of GrantsVille 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 advertisement, the decision
of the said Mayor and Council of
Grantsville shall be final, and shall
bind all interested parties.
Each bid must be enclosed in a
sealed envelope, addressed to the
Town of Grantsville, Grantsville,
Garrett County, Maryland" and
marked on the outside, Proposal
for $40,00000 Grantsville Water
Bonds of 1856" and must be accom-
panied by certified check drawn
to the order of "Clerk-Treasurer Of
the Town of Grantsville, Maryland" ;"
for One Thousand Dollars ISL
100000, to secure said Town against
any loss resulting from the failure
of the particular bidder to comply
with the terms of his bid No inter
est will be allowed on the amount
of the deposit. Checks deposited by
unsuccessful bidders will be re-
turned to them when the bonds are
awarded to the successful bidder.
Accrued interest shall be adjusted
to the date of delivery of the bonds
and payment therefor.
These bonds are issued pursuant
to the authority of Article lie of
the Constitution of the State of
Maryland, Sections 81 to 80, inclu-
sive, of Article 23A of the Ammo
tated Code of Maryland 1856 Sup
plement, and the Charter of the
Town, and also in accordance with
proper proceedings duly had and
taken by the Mayor and Council of
Grantsville.
The bonds are issued upon the
full faith and credit of the Town of
Grantsville, and said full faith and
credit is irrevocably pledged to the
payment Of the bonds and the in
terest to accrue thereon. Under eX-
listing laws, these bonds are exempt
from state. county and municipal
taxation in the State of Maryland.
Under the provisions of the Char
ter of the Town and an Ordinance
approved by the Mayor and Coun-
Gil of Grantsville, provision is made
for the levy of an annual ad va
loren tax on all property within
44 i