Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1962-04-19

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 l, 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: S.. 900 on December l
in each of the years from 1868
to 1890, inclusive and $4,000
on December /, 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 tie 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 e t g + m i n d by Calcul-
ating the total interest to st
, ated maturity at the rate bid
and deducting there[rom 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
icr'S or officials check, or
, certified h 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
0f this not iC e. No bank
bidding for such bonds shall
file its own cashiers or OffiC-
ial'S check, nor a check Ger.
6 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 unde'
the supervision of S uir re
= Sanders & Dempsey, Bone
4 Attorneys, Cleveland, Ohio
+ whose approving opinion may
f be obtained by the successful
bidder at his expense. A com
plete transcript of proceed
f ings and the printed bonds
will be furnished by h {
Il Board, together with a Certi
- ficate showing no litigation
. pending or threatened at tn,
=, time Of the delivery, to enioiI
Z delivery or to contest the val
!, idity Of the bonds or the pow
" Cr to issue them or the lew
> or collection of taxes for thci
; payment.
1 In the event the interest OF
y said bonds should by act O
. Congress or otherwise be
- come subject to Federal In
O. come Taxes prior to delivery
10 the successful bidder may re
ls fuse to accept delivery and il
!, such event his bid Securit
", shall be returned without in
- tereSt.
at 1t is contemplated that tn
20 Board will meet at eight c
# clock pm. EDST, on the 2n
g day Of May, 1862. to conSide
# said bids and make an aware
n The bonds will be delivere
at the office Of the underSior
ID ed or such other place a
IL may be agreed on with tn
I'd successful bidder; if Outsid
m Of the limits of the School Di.
trict the bidder shall pay ey
penSe of delivery at that plac
'y Before making tender {
ol the bonds at the place of dt
livery the Board shall Civ