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No. 1054 regarding issuance of tax increment revenue refunding bonds
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No. 1054 regarding issuance of tax increment revenue refunding bonds
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VWlltinued from day to day thereafter for a period of thirty (30) <br />days without readvertisement; provided, however, that if said sale <br />be continued, no bid shall be accepted which offers an interest <br />cost which is equal to or higher than the best bid received at the <br />time fixed for sale in the bond sale notice. The Controller shall <br />have full right to reject any and all bids. <br />The City Controller is hereby authorized and directed to <br />obtain a legal opinion as to the validity of said Bonds from Barnes <br />& Thornburg, and to furnish such opinion to the purchasers of the <br />Bonds. The Controller is further authorized to cause a copy of <br />said legal opinion to be printed on each Bond. The cost of such <br />opinion shall be considered a part of the cost of the purpose for <br />which the Bonds are issued and shall be paid out of the proceeds of <br />the Bonds. <br />Section 6. Execution of Bonds. The Bonds shall be <br />executed in the name of the City of South Bend, acting for and on <br />behalf of the South Bend Redevelopment District, by the facsimile <br />or manual signature of the Mayor of the City and attested by the <br />Controller by facsimile or manual signature, who shall affix the <br />seal of said City to each of said Bonds or cause the same to be <br />reproduced thereon. The Controller is hereby authorized and <br />directed to have the Bonds prepared. After said Bonds shall have <br />been properly executed and upon the consummation of the sale of <br />said Bonds, the City shall be authorized to receive from the <br />purchaser payment for the Bonds and to provide for delivery of the <br />Bonds to the purchaser in the manner required by law. In any case <br />-16- <br />
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