No. 0068 approving petition to issue bonds in connection with Project No. INDIANA R-29

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Resolution *68 5. All bids for said bonds shall be sealed and shall be presen- ted to thd.- City Controller at his office. Bidders for said bonds shall be required to name the rate or rates of interest which the bonds are to bear, not exceeding five per cent (5%) per annum, and such interest rate or rates shall be in multiples of one-eighth (1/8) of one per cent (1/) and not more than three (3) interest rates shall be named by each bidder. Bids specifying more than one interest rate shall 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 The Controller shall award the bonds to the highest qualified bidder. The highest bidder shall be the one who offers the lowest net interest cost to the Commission, to be determined by computing the total inter- est on all of the bonds to their maturities and deducting therefrom the premium bid, if any. No bid for less than the par value of said bonds, including accrued interest at the rate named to the date of delivery, shall be considered. The Controller shall have full right to reject any and all bids. In the event no satisfactory bids are received on the day named in said notice, the Controller shallbe authorized to continue the sale from day to day thereafter for a period of thirty (30) days without readvertisement; provided, however, that if said sale be continued, no bid shall be accepted which is lower tha the highest bid received at the time fixed for said sale in the bo:d sale notice. The City Controller is hereby authorized and directed to obtain legal opinion as to the validity of said bonds from Ross McCord Ice & Miller, bond counsel of Indianapolis, and to furnish such opinion to the purchaser of said bonds. The cost of said opinion shall be considere a part of the cost of said project and shall be paid out of the pr ceeds of said bonds. 6. The Mayor is hereby authorized to execute said bonds and the City Controller is hereby authorized and directed to have said bonds and coupons prepared, attest the bonds, affix his seal, and execute ithe interest coupons to be attached thereto in the form and manner herein provided. After said bends shall have been properly executed, the City Controller shall deliver the same to the St. Joseph County Treasurer, ex officio Treasurer of the City of South Bend and of the Redevelopment Commission, and shall take his receipt therefor; and upon the consummation of the sale of said bonds, the City Con- troller shall then certify to the Treasurer the amount which the purchaser is to pay for the same; thereupon, said Treasurer shall be authorized to receive from the purchaser the amount so certified by the Contrpller and to deliver the bonds to such purchaser. 7. Subject to the hearing hereinafter mentioned, the proceeds of the said bonds shall be appropriated for application on the cost of acquisition, clearance and renewal of the property described in Resolution No. 53, adopted by the Commission on November 15, 1962, and all e7 penses necessarily incurred in connection with said pro- ceedings. The ?resident and Executive Secretary are hereby authorized to call a meeting of the Commission at which a 'public hearing shall be held t3 hear all taxpayers and interested persons within the South Beni Redevelopment District on the matter of appropriation. -5-