The Republican. [volume] (Oakland, Md.) 1877-current, 1962-11-08
TUESDAY, THE 18th DAY OF
NOVEMBER, 1862

for the purchase of S15.00000 Flood
Control Bonds Of 1862, to be dated
November /, 1862. to be in S1,00000
denominations numbered conSecu-
lively from No. l upward. to bear
interest at the rate or rates named
by the successful bidder, not to eX-
coed five per centum (5fc) per an
num, payable semi-annually until
the respective maturities of said
bonds, and to mature and be pay
able in numerical order. without
option of prior payment in fifteen
49, varying annual serial Install
mcnts on November | in each of
the years 1863 to 1877, inclusive.
All of said bonds will be in cou-
pom form, registerable as TO prin-
cipal only. Both principal and inter
est will be payable at the principal
office of The First National Bank
of Oakland, Oakland, Maryland,
Paying Agent. Said bank has also
been designated by the Town as
Registrar for said bonds.
Under existing laws, said bonds
and the interest thereon will be eX-
empt from taxation in the State of
Maryland and such interest will be
exempt from direct Federal income
tax.
Said bonds are issued for the
purpose of paying part of the cost
of local flood control protection
for the town together with appur-
tenant facilities and Improvements.
Said bonds will be issued pursu-
ant to the authority of Sections 81
to 49, inclusive, of Article 23-A of
the Annotated Code of Maryland
1857 Edition., and pursuant to
authority conferred by the Town
Charter. Said bonds have also been
authorized by an Ordinance of the
Mayor and Town Council of KitZ-
millersville, adopted pursuant to
the above mentioned statute and
said charter. Principal of and inter
est on said bonds will constitute
unqualified obligations of the
Town, a municipal corporation of
the State of Maryland, provisions
being made in the above mentioned
ordinance for the payment of such
principal and interest from the pro-
cecdS of ad Valorcm 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 corporation
limits of the Town sufficient in
rate and amount to pay the prin-
cipal of and interest on the indebt-
edness of the Town.
Bidders are requested to- name
the rate or rates of interest, in
multiples of one-eighth Is or one
tenth 1 100 of one percent, to be
borne by the bonds, on which rate
or rates of their proposals are based
and submitted. Bidders may name
different rates of interest for the
several maturitieS of the bonds of
fercd but may not name more than
one rate for any one maturity. No
rate of interest may be named in
excess of five per centum $50 per
annum. No proposal for less than
all of the bonds, nor at price less
than one hundred per cent 10000
of the par value thereof, plus ac-
crued interest to date of delivery,
will be entertained
All of said bonds will be awarded
to the bidder whose offer to pur-
chase bonds results in the lowest
net interest cost to the Town. Such
lowest net interest cost will be de-
termined, with respect to each ac-
ceptable proposal, by deducting the
total amount of the premium bid,