Smyrna times., 1961-01-26
NOTICE OF SALE
SMYRNA SPECIAL SCHOOL DISTRICT
IN KENT AND NEW CASTLE
COUNTIES. DELAWARE
s2ee.000 SCHOOL BUILDING BONDS

smyrna special School District,
School District of the State of Delawar
located in the Counties of Kent an,
New Castle. hereby invites sealed bid
for the purchase of its bonds herein
after described. The Board of Education
Of the School District will receive sucl
Of Schools at John Bassett Moore Higl
School on Frazier Street in the Tow
of Smyrna. Kent County, Delaware un
til three (3) o'clock. PM. Easter
Standard Timel on Tuesday. Februar,
Z. 1861. and will at such place and tim,
slider the bids received. Bids submitted
through the mail shall be addressed a.
follows : DR.. George v. Kirk. Secretar,
: Of the Board of Education of Smyrns
Moore High School. Frazier Street
Smyrna. Delaware.
The bonds consist of an issue OF
S296.000 School Building Bonds, datec
March I. 1861 and payable in seria
installments on March l in each yeal
as follows: $4,000 in the year 1862
$4,000 in the year 1868 and $4,000 in
each of the years 1864 to 1881, inclu.
sive. The bonds will bear interest from
their date at not exceeding 5CL per
annum and the interest will be payable
semi-annually on March l and Septem-
Der l. The bonds will be coupon bonds
registrable as to principal only and will
Be Of the denomination of $1,000 each
Principal and interest are payable al
The Farmers Bank of the State of Del
aware. in the City of Dover. Delaware.
No bid for less than all of the bonds
viii be considered: Bidders should speci-
fy in their bids the rate of interest ner
annum which the bonds are to bear and
the rate named must be a multiple of
one-eighth of one per centum per annum,
and must be the same for all of the
bonds. The price offered for the bonds
must not be less than s296.000 and ac-
crued interest. The bonds will be award
ed to the bidder whose bid specifies the
lowest rate of interest. without regard
to premium, but if two or more bidders
specify the same lowest rate of interest.
the bonds will be awarded to that one
premium. The right is reserved to reject
all bids and any bid not complying with
the terms of this notice will be rejected.
The School District is authorized and
required by law to levy on all real
property taxable by the School District
such ad valorem taxes as may be neces-
sary to pay the bonds and the interest
thereon without limitation as to rate or
amount The bonds will be exempt from
taxation. with respect to both principal
and interest by the State of Delaware
or any political subdivision thereof. for
any purpose.
Each bid must be accompanied by a
check or checks for $500. drawn upon
an incorporated bank or trust company
and payable to the order of the School
District to secure the School District
against any loss resulting from failure
of the bidder to comply with the terms
of his bid. Checks of unsuccessful bid
ders will be returned upon the award
of the bonds.
The School District will furnish with
out cost to the purchaser, at the time
the bids are delivered Q) the opinion
of Messrs. Reed Hoyt. Washburn & Nc
Carthy of New York City that the bonds
are valid and legally binding obligations
of the School District and that the
School District is authorized and required
taxable by the School District such as
valorem taxes as may be necessary to
pay the bonds and the interest thereon
without limitation as to rate or amount,
and ~ certificates in form satisfactory
to said Attorneys evidencing the proper
execution and delivery of the bonds and
receipt of payment therefor. and (3) a
certificate. dated as of the date of de-
livery of the bonds. and signed by the
officers who signed the bonds. stating
that no litigation is then pending or.
to the knowledge of such officers. threat
ened to restrain or enjoin the issuance
or delivery of the bonds or the levy or
collection of taxes to pay the bonds or
the interest thereon. or questioning the
validity of the statutes or the proceedings
under which the bonds are issued. and
that neither the corporate existence or
boundaries of the School District. nor
the title of any of the said officers to
tested. Dated January II. 1861.
Board of Education of Smyrna
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