Smyrna times., 1956-06-14
NOTICE OF SALE
100000 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
described. at the Town Hall at the south
west corner of South and Main Streets.
in the Town Of Smyrna. County of Kent
Delaware. until 80 o'clock Pm. (Day-
light Saving Time). on Tuesday June
26. 1856. at which time such proposals
will be publicly opened and considered.
The bonds comprise an issue of $780,
900 Public Improvement Bonds. dated
July Is, 1856, and payable in annual in
stallments of $4,000 each on July 10. in
each of the years 1857 to 1861. inclusive
and then annual installments of $4,000
each on July Is in each of the years
1862 to 1871. inclusive. The bonds will
bear interest from their date and such
interest will be payable semi-annually on
January Is and July Is. The bonds will
be of the denomination of $1,000 each
and will be coupon bonds registerable as
principal and interest will be payable at
the Fruit Growers Office of the Farmers
Bank of the State of Delaware. in Smyr-
ma. Delaware.
The bonds are issued pursuant to an
Act of the General Assembly of the State
ing The Town of Smyrna to borrow
not in excess of Two Hundred Thousand
Dollars tS200.000) and to issue bonds
therefor for the purpose of the extern
sion and Improvement of the water and
sewer systems, the electrical distribution
system and the streets of the Town of
Smyrna. approved by the Governor of
the State of Delaware on February 29.
1856.
Each proposal submitted must name the
rate of interest per annum to be borne
by the bonds and the rate named must
be a 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 $500, 900. In selecting the proposal
to be accented. the Mayor and Council
will not consider proposals which name
rate of interest higher than the lowest
rate named in any legally acceptable pro-
posal. The proposal naming the lowest
rate will be accepted unless two or more
proposals name the lowest rate of inter-
est. in which event that one of such last
mentioned proposals which offers the
! highest price will be accepted.
The purchaser must pay accrued inter-
est from the date of the bonds to date
of delivery. No interest will be paid on
the deposit made by the successful bid.
der. The right is reserved to reject any
or all bids.
Proposals should be addressed to Mayor
& Council. Town of Smyrna, Municipal
Building, Smyrna, Delaware, and enclosed
IN a sealed envelope marked on the out.
side Proposal for Bonds" Bidders mus
at the time of making their bid.
deposit a certified or cashiers or trea.
surer's check for $4,000 drawn upon
bank or trust company for such amount
to the order of the Town of Smyrna, tC
secure the Town from any loss resulting
from failure of the bidder to compl,
with the terms of his bid. Checks ioi
unsuccessful bidders will be returned upor
the award of the bonds.
The faith and credit of the Town Of
Smyrna are pledged for The payment o
the principal of and interest on the bond
and the bonds will be exempt from State
County and municipal taxes in the Stat,
of Delaware.
purchaser on or about July Is, 1856. a
the Town Office in the Town Hall. Smyr
ma. Delaware. upon payment of the pur
chase price in accordance with the pur
chaser's bid. The Town will furnish
without cost to the purchaser at tn
time the bonds are delivered. the Opinion
of Messrs. Reed. Hoyt Washburn. o
New York City. that the bonds are vali'
and legally binding obligations Of tn
and required by law to levy on all rea
property taxable by the Town such ~
valorem taxes as may be necessary Z
pay the bonds and the interest thereof
without limitation as to rate or amount
Proposals may be delivered to Mr.. Johl
E. Wilson. III. Secretary of the Towi
Council of the Town of Smyrna. At an
time prior to s 80 PM. daylight Savini
Timel on June rs. 1856.
Dated: May 25. 1856
THE TOWN OF SMYRNA
GEORGE M. BDENDT
JOHN e. WILSON. III.
Secretar