Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1962-04-12
NOTICE OF SALE
OF BONDS

OF BONDS
Sealed bids will be received
by the undersigned, Clerk Of
the Board of Education of the
Ledgemont Local School Dis
trict, herein referred to as the
Board, in the County of Gea-
uga, Ohio, at the office of the
Thompson High School, State
Route 528, Thompson, Ohio,
until IL noon E a t e r n
Daylight Saving Time, on the
I'd day of May, 1862, at which
time the bids will be publicly
opened and read, for the pur-
chase of bonds of the Board
in the aggregate amount of
$102, 900, authorized by resolu-
ton adopted March 20, 1862.
Bids shall be sealed and en-
dorsed Bid for School I'M
provement Bonds"
Said bonds shall be dated
the 1St day of May, 1862,
shall be in the denomination
of 81 900 each, shall draw in
terest payable semi-annually
on the first days Of June and
December of each year be-
ginning December /, 1862, at
the rate Of 3-34 percent per
annum. Anyone desiring to do
so may present a bid for said
bonds based upon their bear
ing a different rate Of interest
but not in excess of 6 percent
provided that where a frac-
tional interest rate is bid,
such fraction shall be one
eighth Of one per cent or a
multiple thereof.
Said bonds mature as fol-
lows: $1,000 on December l
in each of the years from 1868
to 1880, inclusive and $4,000
on December 1, 1881 and 1882.
Said bonds are issued for
the purpose of construction
Of, improvements of, and ad-
ditionS to school buildings,
providing furniture and fur
niShingS, equipment, land =
scaping and S t e improve
ment.
Said bonds are payable at
the office of the legal deposit
ary of the Board, presently
The Chardon Savings Bank
Company, Chardon, Ohio, and
are supported by unlimited
taxes.
Said bids will be promptly
considered, and said bonds
will be sold to the highest
bidder offering the lowest in
tereSt rate at not less than
par and accrued interest. The
lowest interest rate will be
d m n e d by calcul-
ating the total interest to St
ated maturity at the rate bid
and deducting thereSrom the
premium bid. If each of two
Or more bids is the highest
bid offering the lowest inte-
est rate, the bonds will be a.
Warded on such one Of said
highest bids as is chosen by
lot. All bids must be. accom-
panied by cash, bank cash
ier'S or officials check, or
certified C h C k, payable to
the Board, or any combina-
ton thereof, aggregating one
per cent of the par amount of
said bonds, upon condition
that if the bid is accepted, the
bidder will receive and pay
for such bonds in accordance
with the terms and provisions
EOf this not ic G. No bank
bidding for such bonds shall
file it's own cashiers or offic-
ialS check, nor a check GER
titled by it. Such security
shall be held by the Board un-
used pending delivery of the
bonds and forfeited as full
liquidated damages in the
event of default by the sue,
CeSSful bidder.
The proceedings for this
issue have been taken under
the supervision of S quir r e,
Sanders & Dempsey, Bono
Attorneys, Cleveland, Ohio,
whose approving opinion may
be obtained by the successful
bidder at his expense. A COM
plete transcript of proceed
ingS and the printed bonds
will be furnished by t h e
Board, together with a certi-
ficate showing no litigation
pending or threatened at the
time of the delivery, to enjoin
delivery or to contest the val
idity of the bonds or the pow
er to issue them or the levy
or collection of taxes for theil
payment.
In the event the interest on
said bonds should by act of
Congress Or otherwise be,
come subject to Federal In.
come Taxes DriOr to delivery