Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1962-05-17

June, 1852, at which time the
bids will be publicly opened
and read, for the purchase Of
bonds of the Board in the ag-
gregate amount of $267 900,
authorized by resolution ad-
opted May II, 1862. Bids shall
be sealed and endorsed bid
for hool improvement
Bonds"
Said bonds shall be dated
the first day of July, 1862,
shall be in the denomination
of 81 1000 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-A percent per
annum. Anyone desiring to do
SO may present a bid for said
bonds based upon their bear
ing a different rate of inter-
est, but not in excess Of 6 per
cent provided that where a
fractional interest rate is bid,
such fraction shall be one
eighth of one per cent or a
multiple thereof.
Said bonds mature as fol-
lows: $4,000 on December l
in each of the years from 1883
to 1881, inclusive, and $13 900
on December / in each of the
years from 1882 to 1884, in
elusive.
Said bonds are issued for
the purpose of acquiring real
estate for school purposes,
remodeling, improving and
making additions to school
buildings, furnishing and eq-
Tipping school buildings and
landScaping a n d otherwise
improving school sites.
Said bonds are payable at
the office Of the legal deposit
ary, presently The First Nat
ional Bank of Burton, Burton
Ohio, without deduction for
its services as the Boards
paying agent, and are sup
ported by unlimited taxes.
Said bids will be promptly
considered, and said bonds
will be sold to the highest bid
der offering the lowest inter
est rate at not less than par
a n d accrued interest. The
lowest interest rate will be
determined by calculating
the tt t a interest to stated
maturity at the rate bid and
deducting ,therefrom the pre-
MUM bid. If each of two or
more bids is the highest bid
offering the ! west interst
rate, the bonds will be award
ed on such one of said highest
bids as is chosen by lot. AL
bids must be accompanied by
cash, bank cashiers or offic.
ial'S check, or certified check
payable to the Board, or any
combination thereof, aggre
eating one per cent of the pal
amount of said bonds, upor
condition that If the bid is &C
cepted, the bidder will re
ceive and pay for such bonds
in accordance with the term.
and provisions of this notice
No bank bidding for sucl
bonds shall file it's own cash
; ier'S or officials check, nor E
check certified by it. Sucf
security shall be held by the
Board unused pending deliv
cry of the bonS and forfeited
as full liquidated damages il
the event OF default by the
successful bidder.
The proceedings for this is
sue have been taken under
the supervision of Squire
Sanders & Dempsey, Bono
Attorneys, Cleveland, Oh i O
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 tht
Board, together with a certi
ficate showing no litigation
pending or threatened at tn,
time of the delivery, to en-
JOIN delivery or to contest tht
validity of the bonds or tn,
. power to issue them or thv
levy or collection of taxes fo
their payment.
In the event the interest OF
said bonds should by act O
Congress or otherwise be
come subject to Federal In
, come Taxes prior to delivery
, the successful bidder may re
fuse to accept delivery and i
such event his bond or cert
, fled check shall be returne
without interest.
1t is contemplated that tn
= Board will meet at 1900 {
:. clock noon Eastern Standar
!, time on the 18th day of June
1862, to consider said bids an