The Independent-News, Volume 92, Number 47, Walkerton, St. Joseph County, 20 April 1967 — Page 7

NOiWE nr SALE $1,1M0,000 FIRST MORTGAGE BONDS POLK - UNCOLN - JOHNSON SCHOOL Bl ILDING CX)RPORATI<)X Polk - Lincoln - Johnson School Building Corporation at the hour of 1:00 o’clock p.m. (Central Standard Time), on Muy 3, 1967. at the Office of Superintendent of Schools, 805 Washington Street, Walkerton, Indiana, will receive and consider bids fm the purchase of the fol • :ng described bonds: $1,180,000 of First Mortgage Bonds of Polk - Lincoln • Johnson School Building Corporation, an Indiana corporation; Denomination $5,000 each; Dated May 1. 1967; Bearing interest at a rate or rates to be determined by bidding, payable on January 1, 1968, and semi-annually thereafter; Registrable an to principal; Principle and interest payable at The National Bank and Trust Company of South Bend, in the City of South Bend, Indiana, or, nt the option of the holder, at the principal office of the American Fletcher National Bank and Trust Company, in the City of Indianapolis, Indiana, or at the principal office of the Harris Trust and Savings Bank, in the City of Chicago, Illinois; Maturing .serially on January 1 In the years and amounts as follows: Years Amounts Years Amounts 1970 $25,000 1983 $50,000 1971 25,000 1984 50,000 1972 30,000 1985 55,000 1973 80,000 1986 55,000 1974 30,000 1987 60.000 1975 35,000 1988 60,000 1976 35,000 1989 65,000 1977 35.000 1990 65,000 1978 35,000 1991 70,000 1979 40,000 1992 75,000 1980 40,000 1993 80,000 1981 45.000 1994 45.000 1982 45.000 The bonds are redeemable prior to maturity at the option f the corporation, in whole or ir part and in inverse numerical >rd«*r (a) on any interest payment date not earlier than July 1, 1973, from funds other than procec-ds of any borrowing made for such purpr or (b) on any interest payment date not ecirllei than July 1, 1977, from any monies made available for that purpose, at face value, plus the following premiums; 4% if redeemed on July 1. 1973, or thereafter on or before July 1, 1978; 3% if redeemed on January 1, 1979, or thereafter on or before July 1, 1984;

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If redeem'd on January 1. 1985. or thereafter on or before July 1, 1989; 1% if redfemei on January 1. 1990, or tharearter prior to maturity. Plus in each case accrued interest to the date fixed f r redemption, on fifteen <lsl oays* previous notice in a newspaper or financial journal publish 'd in the City of Indianapolis, In liana, and the mailing of notices to the holders of registered bonds. Interest on the bonds so call'd for redemption will cc-ase or. the redemption date fixed in said notice if funds are available at the place of redemption tn redeem the bonds so calkd on the date fixed in said notice, or thereafter when presented for payment. Each bid must be for all of said First Mortage Bonds and must state the rate or j les of interest which the bonds are to bear, stated in multiples of one-eighth < ) or one-tenth (llOi of one per cent (Iri ). No rate shall exreed five per cent (5%) per annum Not more than three (3) different Interest rates shall be specifi»d in any bid, but a rate may be repeated without being considered a dlfferen rate. The difference between the highest and lowest latea specified in the bid shall not exceed one and onehalf per cent (l-Sfr). Bids specifying two (2) or more interest rates sh til also specify the amount and maturities of the bonds bearing each rate, but all bonds maturing on the same date shall bear the same rate. Bids shall set out the total amount of interest payable over the term of the bonds and the net interest cost on th'' bonds covered by the bid. No bids for less than the face value of said bonds, including accrued interest from the date thereof to the date of delivery, will be considered. The bonds v. ill be awarded to the highest nullified bidder who has submitt' ! his bld in accordance herewith The highest bidder will be ’he one who offers th/ lowest net interest cost to the Corporation to be determined by computing the total Interest on all oft! e bonds to their maturities and deducting therefrom the premium bid, if any. No conditional bids will be considered. The right is reserved to reject any and all bids. If an acceptable bid is not received for the First Mortgage Bonds on the date of sale hereinbefore fixed, the sale may be continued from day to day thereafter, durlag which time no bids for less than the highest bid received at the time of the advertised sale will

be considered. Each bid must be enclns<<d in a sealed envelope addressed to the Corporation and marked on the outside "Bid for First Mortgage Bonds," and must be accompanied by a certified or cashier’s check in the amount of SII,BOO payable to th-- Corporation as a guaranty of good faith on the part of the bidder, to be forfeited as liquidated damages if such bid is accepted and the bidder fails to take up and pay for the bonds. The checks of the -insuccessful bidders will be raumed immediately following the award of the kirs* Mortgage Bonds.

The successful bidder shall make payment for the bonds and accept delivery thereof within five days after being notified that the bonds are ready for delivery, at The National Bank and Trust Company of South Bend in the City of South Bend. Indiana, or, at the option of the successful bidder, at the principal office of the American Fletcher National Bank and Trust Company, in the City of Indianapolis, Indiana, or at the principal office of the Hanis Trust and Savings Bank, in the City of Chicago, Illinois. The First Mortgage Bonds will be ready for delivery within 30 days after the date of sale. If the Corporation fails to have the bonds ready for delivery prior to the close of banking hours on the thirtieth day after the date of sale, the bidder may secure the release of his bld upon request in writing, filed with the Corporation. The unqualified approving opinion of Ice Miller Donadio & Ryan, bond counsel of Indianapolis. Indiana, together with a transcript of the proceedings relating to the issuance of said bonds, print cd bond forms with the legal opinion printed thereon, and closing papers in the usual form showing no litigation questioning the validity of the bonis, will be furnished to the successful bidder at the expento of the Corporation. I'olk - Lincoln - Johnson School Building Coiporatlon was urgan-

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APRIL 20, 1967 - THE INDEPEXDENT-NEWS

ized for the purpos. of erecting and leasing s, ho- I buildings to Polk - Lincoln - J* nnson Schoo] Corporation of st. Joseph, Marshall and Li Porte 'ountu-s, Indiana. All action h s been tak< n and the bonds an .sue Jin compliance with the provisions of Chapter 273 of th Arts of the Indiana General A < <mbl *1 1947, and all acts amendatory thereof :>nd supple aental thereto. The bonds will b« sv ured by a trust indenture to Tia- National Bank and Trust Company of South Bend in the City of South Bend, Indiana, and will be subject to the terms an I provisions of said indenture. The property to be covered bx the indenture has been leas'd 'or a period of 27 years to the aforesaid Polk - Ln coin - Johnson School Corpora'ion of St. Joseph, Marshall and Laporte Counties, Indiana, located at Walkerton. Indiana, at an annual rental of $86,200, phis the payment of all taxes and assessnu nts, which rental is payable semi-annually on June 30 and December 30 in each year, commencing with tl-a* completion of the wh s 1 builum^s to be erected thereon. All bidders shall be deemed to be advised as to the provisions of th. above ment; ned trust indenture, lease and the provisions of the aforesaid Chapter 273 of the Acts oi 1911, as amended. Said bonds constitute an indebtedness only of Polk - LincolnJohnson School Building Corporation, payable in accordance with the terms of the above mentioned indenture and the provisions of the aforesaid Chapter 273 of the Acts of 1947, as amended. Under the provisions of the governing statute, the First Mortgage Bonds and the interest thereon are exempt from all taxation in Indiana, except, however, inheritance taxes. In the opini >n of bond counsel, under the existing federal statutes, decisions, regulations and rulings, the interest on the First .Mortgage Bonds is exempt from federal income tax and the issuance and transfer thereof are not subjec t

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to federal do, mnent at y danu taxes. Furth« i information relative t< said issue ; ay be obtained upor application to Lloyd (’ Wamph i of the Lc v Firm of StevenWampler, Travi- A Feagin Plymouth. Indiana, attorneys f, the ('or p.r ition. If bid-, are sm-mittc-d be mall, thee a,.,aid n addressed lo th* Corporation care oft) •• Office of the Sup. i intend* nt 805 Washington Str.' Walkerton, Indiana. Dated this 13 day ui Apii 1967. Roland Lichtenoarger, Secret;, Polk - Lincoln - Johnson Sch. Building Corporation I^s CELESTE l'» TO lu. j * 'llie ENGAGE-ABLEs Co for 'I »?-<.•» I<< •• -aw - » « LEE’S JEWELtn Walkerton, Ind. WELCH'S JEWELRI i Pl.t mouth, Ind f I X < *•■- , .* >. < M... .