|
<br />4
<br />
<br />TUESn~Y
<br />
<br />JA ~'TU~R Y 2:2 . 1 .062
<br />
<br />The bom]s consi st of an issue of ilt1, 3CO, 000 Se,'l!')r Bonds, Series A,
<br />cated VJarch 1, 1062, payable in annual instaJ1Jnents on H!l.rch 1 in FJ8.cb
<br />Y8ar as follovlS: $65,000 in eaeb of tbe ye'1rs 1063 to 1982, inclusive,
<br />and b/3o.ring interest from their date payable semi-e,nnually on }larch 1
<br />and Sm,i'.ember 1. The bonds are of the deno~inat'~ on of $1, C)cO each,
<br />and are coupon bonds, r13eisterable at the opti on of the holo.er as to
<br />princinal only. Both princ-i-caJ and interest are payable at the
<br />princ:Lpal office of The First National Cit~r Bank of New York, in
<br />~;eH York City, or, at the cotlon of the holder, at The First National
<br />Bank of Mart5nsville and Henry County in the City of VJD.rtinsville,
<br />Virg:lnio, or at The Piedmont Trust Bank in the City of Hartinsville,
<br />Virginia.
<br />
<br />,~
<br />
<br />Tne proceeds of the sale of said bonds wHI be used to pay the cost of
<br />improving the City IS seHave disDosaJ system and of acquirinr: the lands
<br />or rights in land required for the improvements.
<br />
<br />Bid(~eT's are invited tC) namr~ the rate or rates of interest wbich the bonds
<br />art~ to bear, Hhich rt-de or ratE~s must be in a multiple or multip2es of
<br />one-tenth or one-eighth of one per centcJIn. No more than two rates may
<br />be named for the bonds, and ~J.2l bonds maturir..g at the same date must
<br />bear interest at the same rate; and each rate of interest named must be
<br />for consecutive matur:i,ties and cannot be repeated; hOI,Jever, no rate rn.a~r
<br />exceed six per centu.."n per anm..IDl. &'1ch proposal subml ttecl must offer a
<br />:or:toe which is not less than par and accrued interest. The interest
<br />payable ....rLth respect to eaC"l bond on any ono date "IHI be evidenced by
<br />a songle coupon.
<br />
<br />Unless all proposals [).rf~ rejected the bonds "rill be al:,rarded to the bidder
<br />',.}'hose Droposal results in the 10Hest net interest cost to the City
<br />determined by computjng the a.gprepate amount of iYlterest pa:'lD..ble on the
<br />bonds from their date to their respecti ye matt1ri ties and deducting from
<br />such agr;regate amount the premiUI1:;ffered, if any. :r,n add'tj_on to the
<br />prjce bid the purchaser must pay accrued interest from the date of the
<br />bonds to the date of payment of the nm'chase orice.
<br />
<br />No bid for lesiJ than all of the bonds offered wiJ.l be entertc:d,ned.
<br />
<br />All proposals must be unconditional and must be accompanied by a
<br />certified, or bank cashier's or bank trflasurer' s check or checks for
<br />$26,000, dra"m upon an incorporated h'lnk or trust company B.:1d payable
<br />to tbe City of l"Iart:ir:sv:il.1e to secure thp. City against any loss resulting
<br />from fa:Uure of the bi.dder to comnly ,-ri.th the terms of his proposal. The
<br />check or checks of the bidder whose proposa2 is accepted w:Ul be deposited
<br />by the City and credi ted to the p1.U"chase price anc1 no interest wl11 be
<br />aJ 101-leel thereon. The proceeds of the check or checks wi}] be retained by
<br />the City as li<juioated damages in case the bidcer faUs to accept deliyery
<br />0: and my for the bonds. Checks of unsuccessf'-ll bidders H:']1 be returned
<br />upon the award of the bonds. The City reserve;:: the right to re;iect any a "'.(1
<br />all bids.
<br />
<br />The bonds will be delivered to the purchaser as soon after I'1arch 1, 1962,
<br />as pos~;ible. The City wiLL pay the cost of Drinting and p""eparing the bonds.
<br />The bonds 1,J'i11 be deli'Tered at a hmk designated by the successful bidder,
<br />ei,ther in New York, Ne", York, or in Ricr.J11ond, Virgini8,.
<br />
|