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HomeMy Public PortalAbout19601004SCMeeting1 Savannah Beach, Tybee Island, Ga. October 4, 1960. A Special Meeting of Town Council was held today at 7:00 P.M. and was attended by Mayor Brown, who presided, and Councilmen Hosti, Powers, Waters, Lovell, Meddin and Town Attorney Solms. The purpose of the meeting was: 1- To receive the report of the managers as to the results of the election held today. - 2- Adopt a Resolution declaring the results of said election. • 3- Adopt an Ordinance calling for bids for the amount of said bonds. 4,Adopt an Ordinance to provide for the issuance of said bonds. 5 -Adopt a form of bid for said bonds. 39 40 1 1 TO THE MAYOR AND COUNCILMEN OF SAVANNAH BEACH, TYBEE ISLAND, GEORGIA. We, the undersigned, who are the duly appointed managers of the election called to submit to the qualified voters of Savannah Beach, Tybee Island, Georgia, the question of whether Street Improvement General Obligation Bonds shall be issued by said municipality in the principal asount of One Hundred Fifty Thousand ($150,000) Dollars, do hereby certify that said election was held on October 4, 1960, in accordance with the law, and that the following are the true results of said election: FOR issuance of $150,000 Street Improvement Bonds 384 AGAINST issuance of $150,000 30 Street Improvement Bonds Disqualified 2 416 Less • 1. 415 This 4th day of October 1960. Gertrude Van Trump Manager Ethel J. Smith Manager Elizabeth Farrell Manager Lucille Jensen Manager Sworn to and subscribed before me this 4th day of October 1960. Henry M. Buckley Notary Public, Chatham County, Georgia A RESOLUTION WHEREAS, by resolution of the Mayor And Councilmen of the Town of Savannah Beach, Tybee Island, in council adopted on September 2, 1960, an election was called to be held in said municipality on October 4, 1960, to submit to the qualified voters of said municipality the question of whether Street Improvements Bonds shall be issued by said municipality in the principal amount of One Hundred Fifty Thousand Dollars ( *150,000) for the purpose of pro- viding funds to pay the coat of opening, paving, grading, curbing, repairing, resurfacing, relocating, bard surfacing and otherwise improving streets, sidewalks and ways in the Town of Savannah Beach, Tybee Island, acquiring property, both real and personal, and easements and rights of way necessary therefor and paying expenses incident thereto, relocating water and sanitary sewer lines for the pur- pose of such street improvements and constructing storm sewers for the draining of the streets so improved; AND WHEREAS, the Mayor and Councilmen of the Town of Savannah Beach, Tybee Island, caused a notice of said election to be published in The Savannah Evening Press, a newspaper published in the City of Savannah, Chatham County, Georgia, in which sheriff's advertisements for the County of Chatham are published, notifying the qualified voters of said municipality that on October 4, 1960, an election would be held to determine the question of whether said bonds should be issued by said municipality, said notice having been published for more than thirty (30) days prior to the date of said election, and containing specifications and information required by law; AND WHEREAS, said election was held on October 44 1960, in accordance with said resolution and notice, as required by law; AND WHEREAS, the several managers of said election brought in the returns from said election, as required by law, which returns had been made to the governing body of the Town of Savannah Beach, ,Tybee Island, they being the officers calling said election; and it appearing to the Mayor and Councilmen of the Town of Savannah Beach, Tybee Island, and to the managers of said election who brought up said returns, as provided by law, in joint session assembled, and who in the presence of and together with each other, canvassed and consolidated said returns, that said election was held in each voting precinct in said municipality and that said election was held by the same persons, and in the same manner, and under the same rules and regulations that elections for officers of said municipality are held; AND WHEREAS, said Mayor and Councilmen and the several managers, in said election who brought in the returns in the presence of and together with each other, consolidated said returns and found the result of the said election to be as follows: For Street Improvement Bonds: 384 Against Street Improvement Bonds: 30 AND WHEREAS, a majority of the qualified voters of said municipality, voting at said election, coted.for said bonds; NOW THEREFORE, BE IT RESOLVED that said officers calling said election, namely, the Mayor and Councilmen of the Town of Savannah Beach, Tybee Island, in the presence of and together with the said several managers of said election, who brought up said returns, do hereby declare the result of said election to be in favor of issuing said bonds. c BE IT FURTHER RESOLVED that the consolidated returns of said election and this resolution be entered upon the minutes of the Mayor and Councilmen of the City of Savannah Beach, Tybee Island. ADOPTED AND APPROVED OCTOBER 4, 1960. AN ORDINANCE AN ORDINANCE TO CALL FOR BIDS FOR THE SALE OF STREET IMPROVEMENT BONDS OF THE TOWN OF SAANNAH BEACH, TYBEE ISLAND, IN THE PRINCIPAL AMOUNT OF 3150,000, DATED NOVEMBER 1, 1960, AUTHORIZED AT AN FTFCTION HELD OCTOBER 4, 1960, AND FOR OTHER PURPOSES. WHEREAS, at an election duly called and held in the Town of Savannah Beach, Tybee Island, Georgia, on the 4th day of October, 1960, after notice thereof had been given of the time and in the manner regti red by law, a majority of the qualified voters of said town voting in said election voted in favor of the issuance of Street Improvement Bonds of the Town of Sa -annah Beach, Tybee Island, in the aggregate principal amount of 3150,000; said bonds being fully described in the resolution calling said election, to which resolution reference is hereby made; and WHEREAS, the Mayor and Councilmen of Savannah Beach, Tybee Island, will by ordinance regulate and provide for the issuance of said bonds in the principal amount of 3150,000, will provide for the form of said bands and of the coupons to be attached thereto; and for the sale of said bonds, and WHEREAS, it has been determined that it is advisable and for the best interest of the Town at this time to offer for sale said bonds, in the principal amount of 3150,000; and WHEREAS, said bonds will be issued pursuant to such ordinance containing the provisions required of municipalities issuing such bonds, and the Town of Savannah Beach, Tybee Island, will adopt such a proper ordinance authorizing the issuance, sale and delivery of the hereinafter described bonds; NOW, THEREFORE, BE IT ORDAINED by the Mayor and Councilmen of the Town of Savannah Beach, Tybee Island, in council assembled, and it is hereby ordained by authority thereof that: Section 1. Said Street Improvement Bonds shall be offered for sale and sealed bids be received by the Town of Sa-annah Beach, Tybee Island, for the sale of said bonds, as follows: MATURITIES BONDS NUMBERED NO, OF BONDS 1962 1 Thru 5 5 1963 6 Thru 10 5 1964 11 Thru 15 5 1965 16 Thru 20 5 1966 21 Thru 25 5 1967 26 Thru 30 5 1968 31 Thru 40 10 1969 41 Thru 50 10 1970 51 Thru 60 10 1971 61 Thru 70 10 1972 71 Thru 80 10 1973 81 Thru 90 10 1974 91 Thru 100 10 1975 101 Thru 110 10 1976 111 Thru 120 10 1977 121 Thru 130 10 1978 131 Thru 140 10 1979 141 Thru 150 10 Section 2. Notice of sale of said bonds shall be substantially in the following form: 1 1 1 1 1 OFFICIAL NOTICE OF SALE $150,000.00 TOWN OF SAVANNAH BEACH, TYBEE ISLAND, GEORGIA (Incorporated, Ga. L. 1887, p 558) GENERAL OBLIGATION LIMITED TAX SERIAL BONDS, 1960 Authorized at Election Held October 4, 1960 NOTICE IS HEREBY GIVEN that the Town of Se annah Beach, Tybee Island, Georgia, will receive sealed bids up to twelve o'clock Noon, Eastern Standard Time, on Tuesday, OCTOBER 18, 1960, at the Council Chamber, Town Hall, Savannah Beach, Tybee Island, Georgia, for all but no part of $150,000 Town of Savannah Beach, Tybee Island General Obligation Limited Tax Serial Bonds, dated November 1, 1960, in the denomination of One Thousand Dollars ($1,000) each, with principal maturing on November 1, in the following years and amounts: $5,000 in each of the years 1961 through 1967, inclusive, and $10,000 in each of the years 1968 through 1979, inclusive. Principal and interest shall be payable at the office of the Treasurer of the Town of Savannah Beach, Tybee Island, Georgia, or, at the option of the holder, at the offices of the fiscal agents of the Town in New York or Savannah. The bonds will be coupon bonds with semi - annual interest being paid on the first days of May and November in each year. The bonds may be registered both as to principal and interest and may be reconverted to coupon bonds. The bonds are a direct obligation of the Town of Savannah Beach, Tybee Island, payable as to both principal and interest, from an ad valorem tax limited to a maximum rate of three per cent (3%) of the value on all taxable property within the town. The bonds are exempt from taxation in Georgia, and from the present Federal Income Tax. The bonds are being issued for the purpose of providing funds to pay the cost of opening, paving, grading, curbing, repairing, resurfacing, re- locating, hard surfacing and otherwise improving streets, sidewalkd and ways in the Town of Savannah Beach, Tybee Island, Georgia, acquiring property, both real and personal, and easements and rights of way necessary therefor and paying ex- penses incident thereto, relocating water and sanitary sewer lines for the purpose of such street improvements and constructing storm sewers for the draining of the streets so improved. Bonds maturing up to and including November 1, 1967, are non- callable. Bonds maturing thereafter are callable on November 1, 1967, and on any interest payment date thereafter, up to and including November 1, 1973, at 105. Bonds maturing thereafter are callable on November 1, 1973, and thereafter on any interest payment date at 103. L,Lo E Bidders are invited to name the rate or rates of interest, not exceeding three and three quarters percent (3,750 per annuM,,which the bonds are to bear. Each rate named must be a multiple of one - eighth of one per centum. Not more than one rate may be named for bonds of the same maturity. Each proposal submitted must offer to purchase all of the bonds. Unless all proposals are rejected, the bonds will be awarded to the bidder whose proposal results in the lowest set interest cost to the town, and the net interest cost will be determined by computing the aggregate amount of interest payable on the bonds from their date to their respective maturities and by deducting from such aggregate amount the premium offered, if any. In addition to the price bid the purchaser must pay accrued interest from the date of the bonds to the date of the payment of the purchase price. The town reserves the right to reject any and all bids and to waive formalities in any bids. Pursuant to the requirements of the State Constitution the hall faith and credit of the Town of Savannah Beach, Tybee Island is pledged for the payment of the principal of and interest on said bonds, and provision has been made for the assessment and collection of an annual tax in amount sufficient to pay said principal and interest. The present tax rate in the town is $22.22 per $1,000. The town's permanent, year around, population, according to the United States census for 1960, is $1,364. The estimated su nner population is 5,000. The town has never defaulted on the principal or interest of its debt. A good faith deposit in the amo ►'Rt of $3,000 shall be made by each bidder in the form of a certified or cashier's check on a bank or trust company which is a member of the Federal Reserve System, payable to the order of Savannah Beach, Tybee Island, Georgia, and the check of the successful bidder will be applied on the purchase of the bonds or retained by the city as liquidated damages to it should the bidder fail to comply with the terms of its bid. The checks of the unsuccessful bidders will be returned to them immediately without interest. Delivery of the bonds will be made in Savannah, Georgia, or at such other place as may be agreed upon subject to validation within approximately sixty days after acceptance of a bid. The town will print and execute the bonds, and the usual closing papers dated the date of delivery and payment including a certificate that there is no litigation pending or, to the knowledge of the signers, threatened affecting the validity of the bonds and the unqualified approving opinion of Messrs. Oliver, Davis and Maher, of Savannah, whose preliminary approval has been obtained, together with a transcript of proceedings, will .be furnished without cost to the purchaser. Bids should be enclosed in a sealed envelope marked on the outside "Proposal for Purchase of Bonds" and addressed to the undersigned, and additional information may be obtained from the undersigned or from Oliver, 1 1 1 Davis and Mazer, 401 Morel Building, Savannah, Georgia. HENRY M. BUCKLEY Clerk of Council Town Hall Savannah Beach, Georgia. *Because of the small amount of this issue, there will be no paid publication of the notice. I, HENRY M. BUCKLEY, Clerk of Council of the Town of Savannah Beach, Tybee Island, do hereby certify that the foregoing is a true and correct copy of an ordinance adopted and approved by the Town of Savannah Beach, Tybee Island, in special council meeting assembled, October 4, 1960. HENRY M. BUCKLEY - 6- o- o- o- o- o- o- o- o- AN ORDINANCE TO REGULATE AND PROVIDE FOR THE ISSUANCE OF $150,000 STREET IMPROVEMENT BONDS OF THE TOWN OF SAVANNAH BEACH, TYBEE ISLAND, AS AUTHORIZED AT AN RUCTION HELD OCTOBER 4, 1960, TO REGULATE AND PROVIDE FOR THE ADOPTION OF THE FORM OF BOND AND COUPON FOR SAID BONDS: TO PROVIDE FOR THE LEVY OF TAX SUFFICIENT TO PAY THE PRINCIPAL THEREOF AND THE INTEREST THEREON AS THE SAME MATURE: AND FOR OTHER PURPOSES: WHEREAS, at an election duly called and held in the Town of Savannah Beach, Tybee Island on October 4, 1960, after notice thereof had been given of the time and in the manner required by law, a majority of the qualified voters of said town voting in said election held for that purpose voted in favor of the issuance of Street Improvement Bonds in the principal amount of One Hundred Fifty Thousand Dollars ($150,000) Pot the purpose of providing funds to pay the cost of opening, paving, grading, curbing, repairing, resurfacing, relocating, hard surfacing and otherwise improving streets, sidewalks and ways in the Town of Savannah Beach, Tybee Island, acquiring property, both real and personal, and easements and rights of way necessary therdfor and paying expenses inciden6 thereto, relocating water and saiitary sewer lines for the purpose of such street improvements and constructing storm sewers for the draining of the streets so improved, and WHEREAS, said bonds shall be dated November 1, 1960, and shall be in the denomination of $1,000 each, and shall bear interest at a rate not exceeding three and severnty five one - hundredths per eentum (3.75 %) pet annum, payable semi - annually on the 1st day of May and November in each year, and the principal of said bonds shall mature on the 1st day of November as follows: $5,000 in each of the years 1962 through 1967, both inclusive, and $10,000 in each of the years 1968 through 1979, and WHEREAS, it is necessary, in order to offer said bonds for sale and to issue and deliver said bonds when sold, to adopt a form of bond and to authorize the execution of said bonds; NOW, THEREFORE, BE IT ORDAINED by the Mayor and Councilmen of the Town of Savannah Beach, Tybee Island in special council meeting assembled, and it is hereby ordained by authority of the same, that: Section 1. REGISTRATION OF BONDS. Said bonds shall be fully nego- tiable instruments, and title thereto and to the interest coupons thereto appertain- ing shall pass by delivery as in the case of negotiable instruments payable to bearer, unless such bonds are registered in the manner hereinafter provided. The bonds may be registered as to the payment of principal only, or as to both principal and interest on the books of the Town of Savannah Beach, Tybee Island, kept for that purpose by its treasurer, and thereafter the principal thereof and interest thereon shall be payable only to the registered owner, and no transfer thereafter, unless the previous such transfer shall have been to bearer, shall be valid unless made on the books of said treasurer by authority of the registered owner or his attorney and an endorsement of such registration shall have been made upon the back of the bond by the treasurer. The bonds may discharged from registration by being so trans- ferred to bearer in which case the treasurer will reattach to the bonds all coupons then unmatured which may have been previously detached therefrom. The bonds shall continue subject to successive registration and transfer to bearer at the option of the owner. At the request of the holder of any bond for its conversion into a registered bond, the treasurer of the town shall cut off all coupons attached to the bonds sought to be registered and shall make proper notation of registration upon his books and upon such bonds and shall pay all interest and principal as same mature on such registered bonds only to the registered holder thereof, and only at the office of the treasurer of the Town of Savai nah Beach, Tybee IslaZd. Section 2. REDEMPTION OF BONDS BEFORE MATURITY. The bonds issued hereunder maturing up to and including November 1, 1967, shall be non - callable. Bonds maturing thereafter shall be callable on November 1, 1967, and on any interest payment date thereafter, up to and including November 1., 1973, at 105. Bonds maturing thereafter are callable on November 1, 1973 and thereafter on any interest payment date at 103. Section 3. EXECUTION AND FORM OF BONDS. Said bonds so authorized at said election when validated by judgment of The Chatham Superior Court shall be executed pursuant to the provisions of Ga. Code Ann., 87 -119, for and on behalf of the Town of Savannah Beach, Tybee Island, with an engraved, imprinted, stamp or otherwise reproduced facsimile of the signature of the mayor and attested by the signature of the Clerk of Council and the corporate seal of the town shall be affixed. The coupons to be attached to the bonds shall be executed with the facsimile signa- tures of the mayor and the Clerk of Council. In case any officer whose signature shall appear on any bonds, or coupons, shall cease to be such officer before de- livery of such bonds, such signature shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Section 4. The principal of and the interest on all of the bonds of this issue shall be payable at the office of the treasurer of the town of Savannah Beach, Tybee Island, or, at the option of the holder, at the fiscal agency of the town of Savannah Beach in the city of Savannah, Georgia, or in the City of New York, New York, in lawful money of the United States of America, which at the time of payment is legal tender for the payment of public or private debts, and the said bonds and the interest coupons to be attached thereto and the certificate of val ida- tion and certificate of registration shall be in substantially the following form, with such changes and variations as are required or permitted by this ordinance to identify each respective bond: UNITED STATES OF ICA STATE OF GEORGIA TOWN OF SAVANNAH BEACH, TYBEE ISLAND STREET IMPROVEMENT BOND. No. $1,000 THE TOWN OF SAVANNAH BEACH, TYBEE ISLAND, a municiipal corporation of Chatham County, Georgia, for value received, hereby promises to pay to bearer, or, if this bond be registered as herein provided, to the registered holder hereof, the principal sum of ONE THOUSAND DOLLARS on the 1st day of November, 1962 *, and to pay interest hereon from the date hereof at the rate of * per annum, payable semiannually on the 1st days of May and November in each year after the date hereof until the town's obligation with respect to the payment of such principal sum shall be discharged, but only in the case of interest payable on or before the stated maturity of this bond, upon the presentation and surrender of the annexed interest coupons as they severally become due, or if this bond be registered as to interest, to the registered holder hereof. Both the principal of and the interest on this bond are hereby made payable in lawful money of the United States of America, at the office of the treasurer of the Town of Savannah Beach, Tybee Island, or at the option of the holder, at the fiscal agency of the town in the City of Savannah, Georgia, or in the city of New York, New York. This bond is one of a series of like tenor except as to numbers, interest rates and dates of maturity, aggregating in the principal amount the sum of One Hiirotlred Fifty Thousand Dollars ($150,000) for the purpose of providing funds to pay the cost of opening, paving, grading, curbing, repairing, resurfacing, relocating, hard surfacing and otherwise improving streets, sidewalks and ways in the Town of Savannah Beach, Tybee Island, acquiring property, both real and personal, and ease- ments and rights of way necessary therefor and paying expenses incident thereto, relocating water and sanitary sewer lines for the purpose of such street improvements and constructing storm sewers for the draining of the streets so improved. J This bond may be registered as to the payment of the principal and interest on the books of the treasurer of the Town of Savannah Beach, Tybee Island, and thereafter the principal hereof and interest hereon shall be payable to the registered owner, and no transfer thereafter shall be valid unless made on the books of said treasurer and an endorsement of such registration shall have been made upon the back of this bond by the said treasurer, unless the last registration shall have been made to bearer. This bond shall continue subject to successive registration and transfer to bearer at the option of the owner. The bonds of this series maturing up to and including November 1, 1967, shall be non - callable, Bonds maturing thereafter shall be callable on November 1, 1967, and on any interest payment date thereafter, up to and including November 1, 1973 at 105. Bonds maturing thereafter are callable on November 1, 1973 and thereafter on any interest payment date at 103. It is certified and recited that all sets, conditions, and things required by the constitution or statues of The State of Georgia, to exist, happen or be performed precedent to and in the issuance of this bond, do exist, have happened and have been performed in due and legal time, form and manner as required by law, that provision has been made for the collection of a direct annual tax sufficient to pay the principal of and interest on this bond, in accordance with its terms, and that the total in- debtedness of said town, including this bond, does not exceed any limitation prescribed by said constitution or statutes. IN WITNESS WHEREOF, the town of Savannah Beach, Tybee Island, has caused this bond to be executed with the facsimile signature of its Mayor and attested by the signature of its Clerk of Council, with its corporate seal affixed, and has caused the annexed interest coupons to be authenticated with the facsimile signa- tures of its said officers as of the 1st day of November, 1960. Attest: TOWN OF SAVANNAH BEACH, TYBEE ISLAND BY Clerk of Council Mayor 1 1 1 C O U P O N No. * On the 1st day of * , 19 * , the Town of Savannah Beach, Tybee Island, Chatham County, Georgia, promises to pay to bearer in lawful money of The United States of America at the office of the Treasurer of the Town of Savannah Beach, Tybee Island, or at the option of the balder, at the fiscal agency of the Town in the City of Savannah, Georgia or in the City of New York, New !prk, for interest due on that date on its Street Improvement Bond dated November 1, 1960. Bond No. THE TOWN OF SAVANNAH BEACH, TYBEE ISLAND BY Attest: Clerk of Council Mayor VALIDATION CERTIFICATE STATE OF GEORGIA ) COUNTY OF CHATHAM ) The undersigned clerk of The Superior Court of Chatham County, State of Georgia, keeper of the records and seal thereof, does hereby certify that this bond was validated and confirmed by judgment of the Superior Court of Chatham County, Georgia, on * , and that no appeal has been prosecuted therefrom and the time within which an appeal could have been prosecuted has expired. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Superior Court of Chatham County, Georgia, this Clerk, Superior Court, Chatham County, Georgia CERTIFICATE OF REGISTRATION At the request of the holder of the within bond for its conversion into a registered bond, I have this day cut off all coupons attached to said bond, and the within bond is hereby converted into a registered bond, with the principal thereof and interest thereon.payable to the registered holder noted hereon, Hereafter, no transfer thereof shale registered shall be effectual unless made on the books of the treasurer of the Town of Savannah Beach Tybee Island, by authority of the registered holder, or his attorney, and noted hereon. This bond may be discharged from registration by being so transferred to bearer, in which case the treasurer will reattach thereto all coupons then unmatured and previously detached therefrom. This the day of ,19 . Treasurer of the Town of Savannah Beach, Tybee Island SIGNATURE OF DATE OF REGISTRATION: NAME OF REGISTERED OWNER: TREASURER *In all places where asterisks appear in the foregoing bond form the wording will be changed or supplied as may be proper to show maturity, interest rate, date, etc. Section 5. A tax shall be levied on all the taxable property subject to taxation for bond purposes located within the boundaries of the Town of Savannah Beach, Tybee Island, for the purpose of paying the principal of and the interest on the said bonds which are now being offered for sale. The funds provided by said tax shall be irrevocably pledged and appropriated to the payment of the principal of and the interest on the bonds now being offered for sale as the same mature. Section 6. Provisions to meet the requirements of this ordinance shall hereafter be made, in due time and manner, in the annual appropriation bill, so that said bonds, including both principal and interest, shall be fully paid as the same mature. Section 7. All ordinances or parts of ordinances in conflict with this ordinance be, and the same are hereby repealed. ORDINANCE PASSED OCTOBER 4, 1960. I, Henry M. Buckley, Clerk of Council of the Town of Savannah Beach, Tybee Island, do hereby certify that the foregoing is a true and correct copy of an ordinance adopted and approved by the Town of Savannah Beach, Tybee Island, in special council meeting assembled, October 4, 1960, Clerk of Council 1 1 1 BID FORM TO THE TOWN OF SAVANNAH BEACH, TYBEE ISLAND, GEORGIA: For all but no part of your legally issued and properly executed One Hundred Fifty Thosand Dollars ($150,000) Town of Savannah Beach, Tybee Island, Street Improvement Bonds, dated November 1, 1960, in all respects as more fully described in your official notice of sale attached hereto and made a part of this bid, we will pay the sum of $ plus accrued interest from the date of the bonds to the date of delivery to us. Said bonds shall bear interest as follows: Amount Maturity Rate Amount Maturity $ 5,000 1962 __e___ $10,000 1971 % $ 5,000 1963 ___% 10,000 1972 $ 5,000 1964 ____ 10,000 1973 $ 5,000 1965 _____% 10,000 1974 $ 5,000 1966 ___% 10,000 1975 $ 5,000 1967 _____,_ 10,000 1976 $10,000 1968 $ 10,000 1977 $10,000 1969 _____% 10,000 1978 $10,000 1970 10,000 1979 Rate This bid figures a net interest cost of $ and a net average interest rate of • This bid is made subject to validation and delivery of the bonds within approximately sixty days after acceptance, and subject to the unqualified approving opinion of Messrs. Oliver, Davis & Maner, of Savannah, to the effect that the bonds are valid and legally binding obligations of the Town of Savannah Beach, Tybee Island. The cost of said opinion shall be paid by and the printed bonds shall be furnished at the expense of the town. As evidence of good faith in submitting th`s bid, we enclose our certified or cashier's check in the amount of $Three Thousand Dollars ($3,000), payable to the order of Savannah Beach, Tybee Island, to be held by the payee, pending delivery of the bonds to us, if our bid is accepted. In the event this bid is accepted, said check shall be retained by the payee and applied without interest on the purchase price of said bonds, or should we fail, for any reason, to comply with the terms of this bid, the said check shall be retained by the payee as full liquidated damages. If this bid is not accepted, said check shall be returned to us promptly, without interest. Respectfully submitted,