OCR Text |
Show NOTICE OF BOND SALE $3,870,000 SCHOOL BUILDING BONDS, SERIES OF APRIL 1, 1965 NEBO SCHOOL DISTRICT, UTAH COUNTY, UTAH Sealed bids will be received by the Clerk of the Board of Education of Nebo School District, Dis-trict, Utah County, Utah, at the office of the board at 50 South Main Street, Spanish Fork, Utah, until 5:30 o'clock P.M. on March 24, 1965, for the purchase of its $3,870,000 School Building Bonds, Series of April 1, 1965. Said bonds are the first block of an authorization auth-orization of $4,000,000 bonds voted at an election held in said district on January 19, 1965. The bids will be publicly opened, read and considered by the Board of Education at a meeting to be held at the above mentioned time and place. The bonds are dated April 1, 1965, denomination $1,000, will bear interest at rate or rates not in excess of 4M per annum, an-num, payable October 1, 1965, and semi-annually thereafter on April 1 and October 1 of each year, and mature serially on April 1 of each year, as follows: YEAR AMOUNT 1966 $210,000 1967 215,000 1968 225,000 1969 230,000 1970 235,000 1971 245,000 1972 215,000 1973 225,000 1974 225,000 1975 280,000 1976 290,000 1977 305,000 1978 315,000 1979 325,000 1980 330,000 The bonds maturing on April 1, 1976, through April 1, 1980, inclusive, shall be subject to redemption prior to maturity at the option of the district in inverse numerical order on April 1, 1975, and on any interest in-terest payment date thereafter, at par and accrued interest to the date of redemption, plus a premium of 2 of the principal prin-cipal amount of each bond so redeemed. The bonds will be awarded to the responsible bidder whose bid results in the lowest net interest cost to the district, after the deduction of premium, prem-ium, if any. No bid for less than par and accrued interest will be considered, and each bidder is asked to state in his bid or submit with his bid, for informative infor-mative purposes only, a tabulation tabu-lation showing his computation of the total interest cost, together to-gether with the net effective interest rate. The bonds are full general obligations of the district, payable pay-able from taxes to be levied without limitation as to rate or amount on all taxable property pro-perty in said district, and are payable as to principal and interest in-terest at The Nebo School District Dis-trict offices, in Spanish Fork, Utah, or at a bank or trust company to be designated by the successful bidder. A certified check in the amount of $193,500 drawn upon an incorporated bank or trust company, and payable to the order of the district, must accompany ac-company each bid as a guarantee guar-antee of good faith on the part of the bidder, which check will be forfeited as liquidated damages dam-ages if such bid is accepted and the bidder fails to take up and pay for the bonds when tendered. ten-dered. The unqualified approving opinion of Chapman and Cutler covering the legality of the bonds will be printed on the backs of the bonds and will be furnished without cost to the purchasers. There will also be furnished the usual closing certificates, cer-tificates, dated as of the date of delivery of and payment for the bonds, including a statement state-ment that there is no litigation pending or, to the knowledge of the signer thereof, threatened, threaten-ed, affecting the validitv nf will be made on the date above stated for receipt of bids and the checks of the unsuccessful bidders will be returned immediately. im-mediately. The right is reserved to reject re-ject any or all bids and to waive all informalities. Envelopes Envel-opes containing bids should be plainly marked "Proposal for Bonds." The bonds will be delivered de-livered in Salt Lake City, Utah, or elsewhere, at the expense of the purchasers. Additional information may be obtained from The Continental Contin-ental Bank and Trust Company, Investment Department, Salt Lake City, Utah, the district's fiscal agent, or from the undersigned under-signed Clerk, at 50 South Main Street, Spanish Fork, Utah. Signed, MARK B. ANDERSON, President Signed, C. X WENDEL, Clerk Published in the Springville Herald March 11, 1965. the bonds. The purchasers will be given at least seven business days advance notice of the proposed date of the delivery of the bonds when that date has been tentatively determined. It is now estimated that the bonds will be delivered on or about May 1, 1965. The bonds may bear interest inter-est at any number of rates in multiples of one-eighth or one-twentieth one-twentieth of 1, and all bonds of the same maturity shall bear a single rate of interest. Only one coupon will be attached at-tached to each bond for each installment of interest thereon. Award or rejection of bids |