Milford chronicle., 1962-07-06
NOTICE OF SALE
Magnolia School District No. so
In Kent County, Delaware
S42, 500 School BuiidinQ Bonds of 1862


In Kent County, Delaware
$500 School Building Bonds of 1862
Magnolia School District No. so,
School District of the State of Della
ware located in the County of Kent,
hereby invites sealed bids for t h e
purchase of its bonds, hereinafter
described. The Board of School Trus-
ceive such bids at the schoolhouse in
Magnolia, Delaware, until o'clock,
PM. eastern Time) on July 13, 1862,
and will, at such place and time,
publicly open and announce and con-
slider the bids received. Bids submit
ted through the mail should be ad-
dressed as follows: Mr.. Charles H.
Galloway, Chairman, Board of School
Trustees, Magnolia, Delaware.
The bonds consist of an issue of
s42, 500 school Building Bonds of 1862,
dated July 1, 1862, and payable in
serial installments on July l in each
year as follows: $4,000 in the year
1868, $4,000 in each of the years 1864
to 1869, inclusive, and $1,000 in each
of the years 1870 to 1872, inclusive.
The bonds will bear interest from
their date at not exceeding so per
annum and the interest will be pay
able semi-annually on January l and
July 1. The bonds will be coupon
and will be of the denomination of
81, 900 each, except bond numbered 1
which will be Of the denomination
of $500. Principal and interest are
payable at the Farmers Bank of the
State of Delaware, in Dover, Della
ware.
No bid for less than all of the
bonds will be considered. Bidders
should specify in their bids the rate
of interestN per 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 S42,600 and accrued
interest The bonds will be awarded
lowest rate of interest, without re-
gard to premium, but if two or more
bidders specify the same lowest rate
of interest, the bonds will be award
ed to that one of such bidders who
offers the largest 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
District such ad valorem taxes as
may be necessary to pay the bonds
and the interest thereon without 1imi-
tation as to rate or amount. L n e
bonds will be exempt from taxation,
with respect to both principal d
any political subdivision thereof, for
any purpose.
Each bid must be accompanied by
a certified or bank cashiers or trea-
surer's check or checks for 1852
drawn upon an Incorporated bank or
trust company and payable to h e
order of the 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 ID the
opinion of Messrs. Reed, Hoyt, Wash
burn and Mccarthy, of New York
City, that the bonds are valid and
legally binding obligations of h e
School District and that the School
District is authorized and required by
law to levy on all real property tax
able by the School District such ad
valorem taxes as may be necessary
to pay the bonds and the interest
theron 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 receipt of
payment therefor, and (3) a certifi-
cate, dated as of the date of delivery
of the bonds, and signed by the Of
ficerS who signed the bonds, stating
that no litigation is then pending or,
to the knowledge of such officers,
threatened 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 statu-
tes or the proceedings under which
the bonds are issued, and that
neither the corporate existence o r
boundaries of the School District, nor.
the title of any of Nle said officers
to their respective offices, is being
contested.
Dated, June 25, 1862
j.. Ralph McIivaine
Clerk, Board of School Trustees
6-29-2t