Authorizing the Issuance & Sale of Bonds for Payment of Judements Aganist the City

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total amount thereof, the maximum rate of interest thereon, the time and place of payment, the terms and conditions on which the bonds will be received and the sale made and such other information as the City Controller shall deem necessary. All bids for said bonds shall be sealed and shall be presented to the City Controller at his office, and said Controller shall continue to receive all bids offered until the hour named and the date fixed in the bond sale notice, at which time and place he shall open and consider the bids. Bidders for said bonds shall be required to name the rate of interest which the bonds are to bear, not exceeding the maximum rate hereinbefore fixed, and such interest rate shall be in multiples of one - fourth and one -tenth of 1 percent. The Controller shall award the bonds to the highest responsible and qualified bidder. The highest bidder shall be the one who offers the lowest net interest cost to the City, computing the total interest on the bonds from their date to their maturity 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 the full right to reject any and all bids. In the event no acceptable bid is received at the time fixed in said notice for the sale of said bonds, the Controller shall be authorized to continue to receive bids from day to day thereafter for a period not to exceed thirty (30) days, without readvertisement, but during said continuation no bid shall be accepted which is lower than the highest bid received at the time fixed for such sale in the bond sale notice. Prior to the delivery of said bonds, the City Controller shall be authorized to obtain a legal opinion as to the validity of said bonds from Borge and Pitt, Bond Counsel of Chicago, Illinois, and to furnish such opinion to the purchaser of said bonds. The cost of said opinion shall be paid out of the proceeds of said bonds. SECTION 7. The City Controller is hereby authorized and directed to have said bonds prepared and the Mayor, City Clerk, and City Controller are hereby authorized and directed to execute said bonds in the manner herein provided. After said bonds have been properly executed, the City Controller shall deliver the same in the manner required by I. C. 36- 4 -6 -19. SECTION 8. The bonds shall be the general obligations of the City tor which its full faith, credit and resources shall be irrevocably pledged, and a direct tax shall be levied on all taxable property in the City without limitation as to rate or amount in order to provide funds to pay principal of and interest on the bonds. If funds on hand from such levy are insufficient to pay principal and interest on the bonds, payments shall be made from current funds of the City, which shall be reimbursed as the taxes provided for herein are collected. SECTION 9. This Ordinance shall be in full force and effect immediately upon its passage and signing by the Mayor. COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA ber of t e Xommon Counc I signed only to provide an opportunity for public discussion Awncil acct :L= oA the issue,._ FILED III CLECTS OFFICE 1st READING i - PUBLIC HEARING �%.- �__�y3 JUL 2 v 1983 2nd READING NOT APPROVED �+ 3 REFERRED Irene Gammon PASSED - 4 - CITY CLERK, SOUTH BEND, IND.