Bill No. 49-23 Revenue Bonds Authorizing the Acquisition & Construction of the Municipal Waterworks

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c) The BANs and Bonds(other than BANs and Bonds sold to the Authority as part of its IFA Program) may, to the extent required by law, be offered and sold pursuant to an Official Statement with respect to the BANS or Bonds. Distribution of an Official Statement preliminary and final) prepared by the Municipal Advisor, on behalf of the City, is hereby authorized and approved, and the Mayor and Controller are authorized and directed to execute the Official Statement on behalf of the City in a form consistent with this Ordinance. The Mayor or the Controller is authorized to designate the preliminary Official Statement as "nearly final" for purposes of Rule 15c2-12 as promulgated by the Securities and Exchange Commission ("Rule"). In the alternative,the Mayor may obtain an investment letter from the purchaser of the Bonds in a form satisfactory to the City's attorney and bond counsel. SECTION IX. Bond Sale Notice. Unless the Bonds are sold to the Authority pursuant to the IFA Program or Indiana law permits the sale of the Bonds by negotiated sale at the time of the issuance of the Bonds or any series thereof, the Bonds shall be sold at a competitive sale. The Controller shall cause to be published a notice of intent to sell in a newspaper published or of general circulation in the City, and in the Indianapolis Business Journal, a newspaper of general circulation published in the City of Indianapolis, Indiana, all in accordance with I.C. 5-1- 11 and I.C. 5-3-1. The notice shall state the character and amount of the Bonds,the maximum rate of interest thereon, the terms and conditions upon which bids will be received and the sale made, and such other information as the Controller and the attorneys employed by the City shall deem advisable. The notice may provide, among other things, that the winning bidder shall submit to the City a certified or cashier's check (or wire transfer such amount) not later than a time determined by the City to guarantee performance on the part of the winning bidder. In the event the successful bidder shall fail or refuse to accept delivery of the Bonds and pay for the same as soon as the Bonds are ready for delivery, or at the time fixed in the notice of sale, then said check and the proceeds thereof shall be the property of the City and shall be considered as its liquidated damages on account of such default. The notice may also provide that bidders for the Bonds will be required to name the rate or rates of interest which the Bonds are to bear, not exceeding the maximum rate hereinbefore fixed, and that such interest rate or rates shall be in multiples of one- eighth(1/8)or one-hundredth (1/100)of one percent(1%). No conditional bid will be considered. The opinion of Barnes&Thornburg LLP, South Bend, Indiana, bond counsel for the City("Bond Counsel"), approving the legality of the Bonds, will be furnished to the purchaser at the expense of the City. The Bonds shall be awarded by the Controller to the best bidder who has submitted its bid in accordance with the terms of this Ordinance, I.C. 5-1-11 and the notice. The best bidder will be the one who offers the lowest net interest cost to the City, to be determined by computing the total interest on all of the Bonds to their maturities, deducting the premium bid, if any and adding thereto the discount bid, if any. The right to reject any and all bids shall be reserved. If an acceptable bid is not received on the date of sale, the sale may be continued from day to day thereafter without further advertisement for a period of thirty (30) days, during which time no bid which provides a higher net interest cost to the City than the best bid received at the time of the advertised sale will be considered. Notwithstanding anything in this Ordinance to the contrary and in lieu of a competitive sale of the Bonds pursuant to this Section IX and in the event Indiana law then permits a negotiated sale of the Bonds or any series thereof, the Mayor and the Controller, upon consultation with the Municipal Advisor, may determine to provide for the Bonds to be sold through a negotiated sale 18 -