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No. 0018 adopted Res. No. 14 on May 5, 1960 declaring certain real estate in the South Bend Redevelopment District to be a blighted area
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No. 0018 adopted Res. No. 14 on May 5, 1960 declaring certain real estate in the South Bend Redevelopment District to be a blighted area
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aY <br />Re <br />No. 18 <br />5. All bids for said bonds shall be sealed and shall be presented to <br />the Ci Controller at his office. Bidders for said bonds shall be required <br />to name the rate or rates of interest which the bonds are to bear, not ex- <br />ceeding four per cent (4 0/6) per annum, and such interest rate or rates shall <br />be in multiples of one - eighth (1/8) of one per cent (1 0/6) and not more than <br />three () interest rates shall be named by each bidder. Bids specifying <br />more t4an one interest shall also specify the amount and maturities of the <br />bonds bearing each rate, but all bonds maturing on the same date shall bear <br />the same rate. The Controller shall award the bonds to the highest quali- <br />fied bid er. The highest bidder shall be the one who offers the lowest net <br />interes cost to the Commission, to be determined by computing the total <br />interest on all of the bonds to their maturities and deducting therefrom the <br />premitun bid, if any. No bid for less than the par value of said bonds, in- <br />cluding accrued interest at the rate named to the date of delivery, shall be <br />conside ed. The Controller shall have full right to reject any and all bids. <br />In the event no satisfactory bids are received on the day named in said notice. <br />'r the Controller shall be authorized to continue the sale from day to day there- <br />after for a period of thirty (3) days without readvertisement; provide, how- <br />ever, that if said sale be continued, no bid shall be accepted which is to -wer <br />than the highest bid received at the time fixed for said sale in the bond sale <br />notice. <br />e City Controller is hereby authorized and directed to obtain legal <br />opittion s to the validity of said bonds from Ross McCord Ice & Miller, bond <br />counsel of Indianapolis, and to furnish such opinion to the purchaser of said <br />bonds. The cost of said opinion shall be considered a part of the cost of said <br />project and shall be paid out of the proceeds of said bonds. <br />. The Mayor is hereby authorized to execute said bonds and the Cit,,r <br />Controller is hereby authorized and directed to have said bonds and coupons <br />prepared, attest the bonds, affix his seal, and execute the interest coupons <br />- 7 <br />
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