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No. 0413 authorize issuance of bands for the purpose of defraying expenses - Project IN R-66
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No. 0413 authorize issuance of bands for the purpose of defraying expenses - Project IN R-66
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10/18/2012 4:08:43 PM
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8/14/2012 2:26:04 PM
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E <br />E7 <br />the Redevelopment Commission shall have determined that such <br />remonstrance is insufficient. In the event an objecting petition <br />or petitions are filed by taxpayers under the provisions of <br />IC 1971, 6- 1 -1 -25 (Section 64 -1915 of Burns; Indiana Statutes), <br />then the bond sale notice shall not be published unless and <br />until the State Board of Tax Commissioners shall issue its <br />order approving the issuance of said bonds. In the event <br />it shall be determined by the State Board of Tax Commissioners, <br />or otherwise, that the whole amount of the bonds herein <br />authorized shall not be issued, but only-a part thereof, then the City <br />Controller shall be authorized to advertise and sell a lesser <br />amount of bonds authorized by said Board and the bonds not <br />issued and sold shall be the bonds of the latest maturity or <br />maturities. <br />S. All bids for said bonds shall be sealed and shall be pre- <br />sented to the City Controller at his office. Bidders for said <br />bonds shall be required to name the rate or rates of interest <br />which the bonds are to bear, not exceeding six percent (6 %) <br />per annum, and such interest rate or rates shall be in <br />multiples of either one - eighth of one percent (1/8 %) or <br />one -tenth of one percent (1 /10 %). Bids specifying <br />Sri` more than one interest rate shall also specify the amount and <br />maturities of the bonds bearing each rate, but all bonds <br />maturing on the date shall bear the same rate. Not more than <br />four (4) interest rates may be specified by each bidder, and <br />no bidder may submit a spread between the highest and the lowest <br />rate in its bid of greater than two percent (2 %). The Controller <br />shall award the bonds to the highest qualified bidder. The <br />highest bidder shall be the one who offers the lowest net interest <br />
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