Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1958-12-11
NOTICE OF SALE OF BONDS

NoAASL oE cAAS oN DO1NOS
Sealed bids will be received
by the undersigned, Clerk of the
Board of Education Of the West
Geauga Local school District,
Geauga County, Ohio, at his off
ice in the West Geauga High
School Building of State Route
306 Immediately south of Cedar
Road, Chesterland, Ohio, until
7::30 p. m. Eastern Standard
Time, on the 9Th day of January,
1859, at which time the bids will
be publicly opened and read, for
the purchase of bonds of s a d
Board of Education in the aggre-
gate amount of $500, 900, author
lied to be issued by resolution
adopted November 25, 1858.
Said bids will be promptly con-
sidered by said Board of Educa-
ton.
Said bonds shall be dated the
1st day of December, 1858, shall
be in the denomination of 81 900
each, shall draw interest pay
able semi annually on the 1st
days of June and December of
each year beginning June l, 1859,
at the rate of 312 percent per
annum.
Anyone desiring to do so may
present a bid for said bonds ba-
sed upon their bearing a differ
ent rate of interest, but not in
excess of 6 percent, provided
that where a fractional interest
rate is bid, such fraction shall
be one quarter of one per cent
or a multiple thereof.
Said bonds mature as follows:
SIS, ,009 on December first in
each of the years from 1860 to
1879, inclusive. @
said bon DIS are issued
for the purpose of acquiring
real estate for school purposes,
constructing new fireproof SCH
ool buildings and remodeling ex-
listing fireproof school buildings,
furnishing and equipping school
buildings, and landscaping and
improving school sites.
Said bonds are payable at the
office of the legal depositary of
the Board, presently the F i r st
National Bank of Burton, Burton
Ohio, and are supported by un-
limited taxes.
Each bidder shall file alterna-
tive bids, one on the basis that
such bonds will be non call
able, the other on the basis that
such bonds will be subject o
call at par and accrued interest
In inverse serial number sequen-
ces on any interest payment
date on and after December /,
1870.
Said bonds will be sold to the
highest bidder offering the low
est interest rate at not less than
par and accrued interest for that
one of the foregoing alternates
which said Board may deem
most advantageous to said Sch
ool District. The lowest interest
rate will be determined by cal
culating the total interest to sta
ted maturity at the rate bid and
deducting therefrom the prem
ium bid. If each of two or more
bids is the highest bid offering
the lowest interest rate the
bonds will be awarded on such
one of said highest bids as is cho.
sen by the said Clerk by 10 t.
ALI such alternate bids must be
accompanied by a single bond
or certified check on a solvent
bank (other than the bidder)
payable to said Board of Educ
alton in the amount of one per
cent of the par amount of the
bonds bid for, upon condition
that If the bid is accepted, the
bidder will receive and pay for
such bonds within reasonable
time after the award thereof or
forfeit the same as liquidated
damages in the event said con-
dition is not fulfilled.
Bids shah be sealed and en-
dorsed bid for School Improve
ment Bonds"
The proceedings for this issue
have been taken under the sup
ervision of Squire, Sanders and
Dempsey, Bond Attorneys, Cleve-
land, Ohio, whose approving op-
inion may be obtained by t h e
successful bidder at his expense.
A complete transcript Of procee-
dings and the printed bonds will
be furnished by the Board o
Education, together with a GER
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