Minutes 08/27/1957 - Laserfiche WebLink

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TUESDAY AUGUST 27, 1957 The bonds consist of an issue of $2,200,000 School Building Bonds dated November 1, 1957, payable in annual instalm.ents on November 1 in each year as follows: $110,000 in each of the years 1958 to 1977, inclusive, and bead.ng interest from their date payable semi-annu.ally on May 1 and November 1. The bonds are of the denomination of ~>1,000 each, and are coupon bonds, registerable at the option of the holder as to principal only. Both principal and interest are payable at the principal office of The First National City Pank of HeYT York, in N;)w York City, or, at the option of the holder, at The First National Bal1..k of Hartinsville and Henry County in the City of Ma.rtinsville, Virginia, or at the Piedmont Trust :3ank in the City of Martinsville, Virginia, or at the Southern Bank of Commerce in the Cii.:Y of Martirsville, Virginia. The bonds are issued to finance the cost of constructing new school buildings, reconstructing and enlarging existing school buildings, and acquiring and grading the lands necessary as sites for such school buildings and graunds and the equinment and apparatus necessary for such buildings and grounds. T:~c fcdth and credi t of the City are pledged to the payment of the bonds and the City is authorized and required to levy on all real property taxable by the City such ad valorem taxes as may be necessaFJ to pay the bonds and the interest thereon without limitation as to rate or amount. Bidders are invited to name the rate or rates of interest which the bonds are to bear, which rate or rates must be in a multiple or multiples of one-tenth or one-eighth of one per centum. No more than two rates may be named for the bonds, and all bonds maturing at the sare date must bear intere:3t at the smne rate; and each rate of interest named must be for consec'ltive maturities and cannot be repeated; however, no rate may exceed six pe::- centum per annum. Each proposal submitted mst offer a price which is not less than par and accrued interest. U::1less all proposals are rejected the bonds will be awarded to the bidder whose proposal results in the lowest net intorest cost to the Cit;)r determined by computing the aggregate amount of interest payable on the bonds from their date to their respective maturities and deduct:LYlg from such aggregate amount the premium offered, if any-. In ad6ition to the price bid the purchaser must pay accrued interest from the date of the bonds to the date of payment of the purchase price. No bid for less than all of the bonds offered will be entertained. Each proposal IffilSt be unconditional and must be accompanied by a certified or bank cashier IS or bank treasurer1s check or checy-s for $44,000, drawn upon an incorporated bank or t:-ust company- and payable to the City of Martinsville to secure the City against any loss resulting from failure of the bidder to comply with the terms of his proposal. The check or checks of the bidder whose proposal is accepted will be deposited by the City and credited to the purchase price and no interest will be allowed thereon. The proceeds of the check or checks ,till be retained by the City as liquidated damages in case the bidder fails to accept delivery of and pay for the bonds. Checks of u.nsllccessful bidders will be returned upon the award of the bonds.