HomeMy WebLinkAboutResolution - 021041A - Notice Of Bond Sale - Electric Light And Waterworks Improvements - 02/10/1941 NOTICE OF BOND SALE
The City of Lubbock, Texas will receive bids for the purchase
of the following bonds of said City, authorized at a election held on
January 14, 1941, the bonds to be dated February 10, 1941.
1. $175,000.00 Electric Light Improvement and Construction
Bonds, Maturing
$5,000 on the 10th day of each month beginning
January 109 1942, and ending November 1091944;
Interest payable August 10, 1941 and February 10,1942
and thereafter interest will be paid semi-annually
on August loth and February loth of each year;
except interest will be paid at maturity on
bonds maturing between regular interest paying dates.
2. 75,000.00 Waterworks Improvement and Construction Bonds,
Maturing
$25,000 February 10, 1942;
25,000 February 10, 1943,
25,000 February 10, 1944;
Interest payable August 10, 1941 and semi-annually
thereafter.
be
Sealed bids should/addressed to Lavenia Williams, City Secretary
of the City of Lubbock, Texas, and must be in the hands of the City Secretary
not later than 7 P. M. on Tuesday, the 25th day of Febraayy, 1941.
Bidders are requested to specify the rate of interest that the
bonds should bear, but split rates involving more than two different interest
rates will not be considered; and no bids of less than par and accrued int-
erest to the date of payment will be considered.
Separate bids on the two issues of bonds are desired by the
city. All bids must specify the gross and net interest cost to the city
from the date of the bonds. All bids must be submitted on forms supplied
by the city, and must be accompanied by certified or cashier's checks pay-
able to the City of Lubbock, Texas, in the amount of 2% of the par value of
the bonds bid for. These checks should be considered as good faith deposits
and the checks of the successful bidder or bidders will be retained by the
city pending delivery of the bonds.
The city will issue to the successful bidder or bidders a complete
certified copy of proceedings had in connection with the issuance of the
bonds, together with the final, unqualified approving opinion of the Hon.
W. P. Dumas, Bond Attorney, of Dallas, Texas.
The expenses of the issuance of the bonds, printing, and the above
attorneys opinion will be paid for by the city.
The city reserves the right to reject any and all bids.
4��_
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City Secretary,
Lubbock, Texas.
Seal.
PROPOSAL FOR BONDS
Honorable Mayor and City Commission,
Lubbock, Texas.
Gentlemen:
We, the undersigned, hereby submit our bid for the purchase
of the following bonds, dated February 10, 19411, as described in a NOTICE
OF SALE which is hereby made a part of this bid:
For — $175,000 Electric Light Improvement and Construction
Bonds maturing serially as described in the
Notice of Sale,
Maturities to
bearing interest at ;
Maturities to
bearing interest at :
We will pay par and accrued interest to the date of de—
livery to us, and a premium of $
The gross interest cost to the City of Lubbock from the
date of the bonds, under the above bid, will be $ ; and,
deducting the premium, the net interest cost will be $
For — $ 75,000 Waterworks Improvement and Construction Bonds,
Maturing serially as described in the Notice
of Sale,
Maturities to
bearing interest at - _ %;
Maturities to
bearing interest at ______ %:
We will pay par and accrued interest to the date of dew.
livery to us, and a premium of $
The gross interest cost to the City of Lubbock from the
date of the bonds, under the above bid, will be $ ;
and, deducting the premium, the net interest cost will be $
We hereby agree to accept delivery of the above bonds under
the above mentioned terms at the Bank
, ; the
delivery charges from Austin to the above bank to be at our expense, pro-
vided that, prior to or at the time of the acceptance of delivery of the
bonds and making payment therefor, we are to be furnished a complete
certified copy of all proceedings had in connection with the issuance
of said bonds together with the final,upqual-i.fted, approving o1iinion of
the Honorable W. P. Dumas, Bond Attorney, Dallas, Texas. The City of
Lubbock, Texas is to furnish the opinion of the above attorney and pay
the expense of printing the bonds.
We enclose herewith certified or cashier's check, or checks,
being 2% of the face value of the respective issues bid for, payable to
the City of Lubbock on the Bank
of The check, or
checks, are to be retained by the City and applied as part payment at
the time of delivery of the bonds in the event we are the successful
bidder; or, in the event we fail or refuse to carry out the terms of
,et'this agreement, the check, or checks, shall be retained by the city
as full and complete liquidated damages.
Respectfully submitted,
We, the duly authorized officials of the City of
Lubbock, Texas, hereby accept the above agreement, by order of the
City Commission in session on t -is, the day of ,
194
Mayor, City of Lubbock, Texas.
ATTEST:
City Secretary,
City of Lubbock, Texas.