9523-04 Authorizing the Acquistion, COnstuction and, Installation of Certain Additions

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payment procedures. Further, during any time that the 2004 Bonds are held in book-entry form, the provisions of this section shall control over conflicting provisions in any other section hereof. SECTION 7. Sale of Bonds. (a) The Controller is hereby authorized and directed to have the 2004 Bonds prepared, and the Mayor, Controller and the Clerk are hereby authorized and directed to execute the 2004 Bonds in substantially the form and the manner herein provided. (b) The Controller shall cause to be published either (i) a notice of such sale in The South Bend Tribune and The Tri-County News, each a newspaper published in the County, with a circulation in the County, two times, at least one week apart, with the first publication being made at least 15 days before the date of the sale and the second publication being made at least three days before the date of the sale, or (ii) a notice of intent to sell in The South Bend Tribune, The Tri-County News and the Court & Commercial Record, a newspaper of general circulation published in the State capital, once each week for two weeks, with the first publication being made at least 15 days before the date selected for sale and the second publication being made at least eight days before the date selected for sale, all in accordance with IC 5-1-11, as amended, and IC 5-3-1, as amended. A notice of sale may also be published one time in the Court & Commercial Record, and a notice or summary notice may also be published in The Bond Buyer in New York, New York. The notice shall state the character, the amount and the authorized denominations of the 2004 Bonds, the maximum rate or rates of interest thereon, the terms and conditions upon which bids will be received and the sale made, and such other information as Crowe Chizek and Barnes & Thornburg LLP, bond counsel to the City in connection with the issuance of the 2004 Bonds ("Bond Counsel"), shall deem advisable. (c) Any summary notice may contain any information deemed so advisable. The notice may provide, among other things, that each bid shall be accompanied by a certified or cashier's check or a financial surety bond in an amount equal to 1% of the principal amount of the 2004 Bonds described in the notice. If a financial surety bond is used, it must be from an insurance company licensed to issue such bond in the State, and such bond must be submitted to the City prior to the opening of the bids. The financial surety bond must identify each bidder whose good faith deposit is guaranteed by such financial surety bond. If the 2004 Bonds are awarded to a bidder utilizing a financial surety bond, then the purchaser is required to submit to the City a certified or cashier's check (or wire transfer such amount as instructed by the County) not later than 3:30 p.m. (local time) on the next business day following the award. In the event the successful bidder shall fail or refuse to accept delivery of the 2004 Bonds and pay for the same as soon as the 2004 Bonds are ready for delivery or at the time fixed in the notice of sale, then such good faith deposit and the proceeds thereof shall be the property of the City and shall be considered as its liquidated damages on account of such default. (d) Bidders for the 2004 Bonds will be required to name the rate or rates of interest which the 2004 Bonds are to bear, not exceeding the maximum rate hereinbefore fixed, and that such interest rate or rates shall be in multiples of one-one hundredth (1/100) of one percent (1%). The rate bid on a maturity shall be equal to or greater than the rate bid on the immediately preceding maturity. No conditional bid or bid for less than 99% of the par value of the 2004 -9-