The Republican. [volume] (Oakland, Md.) 1877-current, 1960-07-14

ad valorem taxes levied to the
extent necessary by said Ordinance
pursuant to said Charter, which
empowers the Town to levy ad
valorcm taxes without limit as to
rate or amount upon all taxable
property within the corporate
limits of the Town, sufficient in
rate and amount to pay the prin-
cipal of and interest on the in
dcbtedness of the Town.
Bidders are requested to name
the rate or rates of interest, in
multiples Of one-eighth % or
one-tenth G/10) of one per cent,
to be borne by the bonds, on which
rate or rates their proposals are
based and submitted. Bidders may
name different rates of interest
for the several maturitics of the
bonds offered but may not name
more than one rate for any one
maturity No rate of interest may
be named in excess of five per
ccntum (5G5) per annum No pro-
pOsal for less than all of the bonds,
nor at a price less than one hun
bred per cent 10000 of the par
value thereof, plus accrued in
terest to date of delivery, will be
entertained
All of said bonds will be awarded
to the bidder whose offer to pur-
chase said bonds results in the
lowest net interest cost to the
Town. Such lowest net interest
cost will be determined, with re-
spect to each acceptable proposal,
by deducting the total amount of
the premium bid, if any, from the
aggregate amount of interest pay
able on the bonds, at the rate or
rates named in such proposal, from
the date of issue of such bonds to
their respective dates of maturity.
Where the proposals of two or
more such bidders result in the
same lowest net interest cost, the
bonds will be apportioned among
said bidders but, if this should
prove unacceptable the Town will
determine to which of said bidders
all of the bonds shall be awarded.
The right to reject any or all pro-
posals is reserved to the Town.
IdNll lJlOJOodl llNASl DC
on the prescribed form accom-
panying the Official Circular, must
be for all of the bonds, must be
enclosed in a sealed envelope adj
dressed to the Town and marked:
Proposal for Water Supply Bonds
of 1860" Each proposal must be
accompanied by a certified check
upon, or a cashiers or official
check of, a responsible banking
institution, drawn to the order of
the Treasurer of The Town of
Oakland, for 100000. Upon max
ing of the award, checks sub
mitted by unsuccessful bidders
will be returned to them. The
check submitted by the successful
bidder will be retained as fully
liquidated damages in case such
bidder shall fail to take up and
pay for the bonds; otherwise the
amount thereof will be applied on
account of the purchase price of
the bonds at the time of delivery.
No interest will be allowed on such
amount
The legality of these bonds will
be approved by Messrs. Niles,
Barton, Yost and Dankmeyer, of
Baltimore, Maryland, and the I'M
qualified approving legal opinion
of these gentlemen viii be de-
livered, upon request, to the pur-
chasers Of the bonds without
charge.
Delivery of said bonds, without
expense to the purchaser, will be
made by the Town to the pur-
chaser or his agent within thirty
800 days from the date of sale or
as soon as practicable thereafter,
at the place designated by the pur-
chaser, and thereupOn the pur-
chaser will be required to accept
delivery of said bonds and pay
the balance Of the purchase price
due thereon. The bonds will be
accompanied by the customary
closing documents at the time of
delivery, including a NOTIFICATION
certificate effective as of the date
Of delivery.
An Official Circular, containing
the required form of proposal and
setting forth factual and financial