Milford chronicle., 1962-09-28
NOTICE OF SALE
Milford Special School District
In The Counties of Kent and Sus-
sex, Delaware
$600,0OO School Building

Bonds OF 1862
Milford Special School District,
in the Counties of Kent and Sussex
and State of Delaware, hereby in
vites sealed bids for the purchase
of its bonds hereinafter described.
The Board of Education of a d
School District will receive u h
bids at the office of the Board of
Education, at Lakeview Avenue,
Milford, Delaware, until II o'clock
Noon eastern Daylight Saving
Time) on October 4, 1862, and will
at such time and place publicly
open and announce and consider
the bids received. Bids submitted
through the mail should be address
sed as follows: c. II. Dickerson,
Secretary of the Board of Educa-
ton of Milford Special School Dis
trict, Lakeview Avenue, M il f o r d,
Delaware.
The bonds consist of an issue of
100000 School Building Bonds of
1862, dated October 1, 1862 a n d
payable in serial installments n
October 1, in each year as follows:
$4,000 in each of the years 1868
to 1886, inclusive. The bonds will
bear interest from their date at not
exceeding go per annum and the
interest will be payable semi-an-
nually on April ] and October l..
The bonds will be coupon bonds
registerable as to principal only
and will be of the denomination of
81, 900 each. Principal and interest
are payable at The Farmers Bank
of the State of Delaware, at Dover,
Delaware.
No bid for less than all of the
bonds will be considered. Bidders
shall specify in their bid the rate
of interest per annum which t h e
bonds are to bear and the rate
named must be a multiple of one
eighth of one per centum per an
mum and must be the same for all
of the bonds. The price offered for
the bonds will be not less than
100000 and accrued interest. The
bonds will be awarded to the bid
der whose bid specifics the lowest
rate of interest without regard to
premium, but if two or more bid
ders specify the same lowest rate
of interest, the bonds will be a
warded to that one of such bid
ders who offers the largest prem
ium. The right is reserved to re-
ject all bids and any bid not COM
plying with the terms of this no
tice shall be rejected.
The School District is authorized
and required by law to levy on all
real property taxable by said
School District such ad valorem
taxes as may be necessary to pay
the bonds and the interest thereon
without limitation as to the 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 sub
division thereof for any purpose.
Each bid must be accompanied
by certified check or bank cash
ier's check or checks for $4,000
drawn upon an Incorporated bank
or trust company and payable to
the order of said School District
to secure the School District
against any loss resulting from a
failure of the bidder to comply
with the terms of his bid.
Checks of unsuccessful bidders
will be returned upon the award
of the bonds.
The School District will furnish
without cost to the purchaser, at
the time the bonds are delivered
~ the opinion of Messrs. r d,
Hoyt, Washburn and Mccarthy, of
New York City, that the bonds are
valid and legally binding obliga-
tions of the School District a d
that the School District is author
lied and required by law to levy
on all real property taxable by the
School District such ad valorem
taxes as may be necessary to pay
the bonds and the interest thereon
without limitation as to rate or
amount. and (2) certificates n
form satisfactory to said Attorneys
evidencing the proper execution
and delivery of the bonds and re-
ceipt of payment therefor, and (3)
a certificate, dated as of the date
of delivery of the bonds, and sign
ed by the officers who signed the
bonds, stating that no litigation is
then pending or, to the knowledge
of such officers, threatened to re-
strain or enjoin the assurance or
delivery of the bonds or the levy
or collection of taxes to pay the
bonds or the interest thereon, OF
questioning the validity of t h G
statutes or the proceedings under
which the bonds are issued, and
that neither the corporate ex-
istence or boundaries of the School
District, nor the title of any of the
said officers to their respective
offices, is being contested.
c. T. Dickerson, Secretary
Board Of Education of Milford
SDeciaI School District