HomeMy WebLinkAboutResolution - 101739B - COL To Receive Bids For The Purchase Of Various Improvement Bonds - 10/17/1939tl
NOTICE OF BOND SALE
1 The City of Lubbock, Texas, will receive bids
for the purchase of various improvement bonds of said City,
authorized by vote of the property owning taxpayers of the City
at an election held on September 2, 1938, the bonds to be dated
October 1, 1939, interest payable on April lst and October lst
of each year, and to mature serially as shown below. The
amount of the bonds and the purpose for which same are being
issued are as follows:
$50,000 Sewer Disposal Plant Bonds,
Maturing $2,000 April 1, 1940/49 inclusive;
31000 April 1, 1950/59 inclusive:
X501000 St. Improvement Bonds,
Maturing $2,000 April 1, 1940/49 inclusive;
3,000 April 1, 1950/59 inclusive:
$50,000 Fire Station Bonds,
Maturing $2,000 April 1, 1940/49 inclusive;
31000 April 1, 1950/59 inclusive.
Sealed bids should be addressed to Laveh a Williaris,
City Secretary, City of Lubbock, Texas, and must be in the
hands of the City Secretary not later than 7:30. P.M.,
on the 17th day of October , 1939.
Bidders are requested to specify the rate of inter-
est that the bonds should bear, but split rate bids involving
more than two different coupon rates will not be considered by
the City and no bid for less than par and accrued interest to
the date of payment for the bonds will be considered. All bids
must specify the gross and the net interest cost to the City.
Fach bidder will submit two bids: one with each issue of the
above bonds carrying a ten-year option; and the other with the
issues carrying no option. All bids must be submitted on the
attached form and must be accompanied by a certified or Cashier's
check, payable to the City of Lubbock, Texas, in an amount equiv-
alent to 2% of the par value of bonds bid for. This check; will
be considered as a good faith deposit and the check of the success-
ful bidder will be retained by the City pending delivery of the
bonds.
It is contemplated that delivery of the above bonds
will be made about December lst, 1939. The City will furnish
the successful bidder a complete certified copy of the entire
proceedings had in connection with the issuance of the bonds, to-
gether with the final unqualified approving legal opinion of
Chapman and Cutler, bond attorneys of Chicago, Illinois.
17he amity reserves the right to reject any and all Bids.
Cl Y Secretary, City of Lubbock,
Texas.