Milford chronicle., 1962-06-29
NOTICE OF SALE
Magnolia School District No. so
In Kent County, Delaware
SAD 500 School BuiIdinu Bonds of 1885,

S42, 600 School Building Bonds OF 1862
Magnolia School District No. SO, a
School District of the State of Della
ware located in the County of Kent,
hereby invites sealed bids for t n g
| purchase of its bonds, hereinafter
described. The Board of School Trus-
| tees of the School District viii re-
| 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 he ad-
dressed as follows: Mr.. Charles n.
Galloway, Chairman, Board of School
Trustees, Magnolia, Delaware.
The bonds consist of an issue Of
S42, 600 School Building Bonds of 1862,
dated July /, 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 $4,000 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 /. The bonds will be coupon
| bonds registrable as to principal only
and will be of the denomination of
! ST 900 each, except bond numbered
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
1 bonds will be considered. Bidders
| should specify in their bids the rate
| of interest 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 $42,600 and accrued
| interest. The bonds will be awarded
to the bidder whose bid specifies the
| 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
real property taxable by the School
| District such ad valorem taxes as
may be necessary to pay the bonds
and the interest thereon without limi-
tation as to rate or amount. L h e
bonds will be exempt from taxation,
with respect to both principal n
interest, by the State of Delaware OF
any political subdivision thereof, fol-
any purpose.
Each bid must be accompanied by
q certified or bank cashiers or trea-
surer's check or checks for SS5z
drawn upon an incorporated bank OF
trust company and payable to n {
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 VIII
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 Iorl
City, that the bonds are valid anC
legally binding obligations of h {
School District and that the Schoo
District is authorized and required by
law to levy on all real property tax
able by the School District such aC
valorem taxes as may be necessar!
to pay the bonds and the interes
theron without limitation as to rat'
, or amount, and (2) certificates j /
form satisfactory to said Attorney
delivery of the bonds and receipt o
payment therefor and (3) a certifi
cate, dated as of the date of deliver,
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 tn
issuance or delivery of the bonds o
/ the levy or collection of taxes to pa.
! the bonds or the interest thereon, o
/, questioning the validity of the statu
ties or the proceedings under whicl
: the bonds are issued, and tina
neither the corporate existence
boundaries of the School District, no
the title of any of the said officer
2 to their respective offices, is beinl
contested.
Dated, June 25, 1862
J. Ralph McIvain
Clerk, Board of School Trustee
t 6-29-2t