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SECTION 2. For the purpose of providing funds with which to
<br />pay the cost of said projects and the incidental expenses necessary
<br />to be incurred in connection therewith, the City shall make a loan
<br />in the amount of Five Million Nine Hundred Fifteen Thousand Dollars
<br />($5,915,000.00). In order to procure said loan, the City Controller
<br />is hereby authorized and directed to have prepared and to issue and
<br />sell the negotiable general obligation bonds of the City, to be
<br />designated as "Municipal Bonds of 1981 ", in the aggregate principal
<br />amount of Five Million Nine Hundred Fifteen Thousand Dollars
<br />($5,915,000.00), which bonds shall be issued in the denomination
<br />of Five Thousand Dollars ($5,000.00), shall be numbered consecutively
<br />from one (1) upwards, shall be dated as of the first day of the
<br />month in which said bonds are sold, and shall bear interest at a
<br />rate not exceeding ten per cent (10 %) per annum (the exact rate to be
<br />determined by bidding), which interest shall be payable on July 15,
<br />1982, and semi- annually thereafter on January 15 and July 15 of each
<br />year and shall be evidenced by coupons attached to said bonds. Both
<br />bonds and interest coupons shall be payable at the First Bank and
<br />Trust Company of South Bend, in the City of South Bend, Indiana.
<br />The bonds shall mature serially semi - annually in the amounts as
<br />follows:
<br />DATE
<br />AMOUNT
<br />July 15,
<br />1982
<br />$265,000.00
<br />January
<br />15, 1983
<br />$600,000.00
<br />July 15,
<br />1983
<br />$650,000.00
<br />January
<br />15, 1984
<br />$650,000.00
<br />July 15,
<br />1984
<br />$700,000.00
<br />January
<br />15, 1985
<br />$700,000.00
<br />July 15,
<br />1985
<br />$750,000.00
<br />January
<br />15, 1986
<br />$750,000.00
<br />July 15,
<br />1986
<br />$850,000.00
<br />Said bonds shall be executed in the name of the City of South
<br />Bend, Indiana by the Mayor, countersigned by the City Controller,
<br />and attested by the City Clerk who shall affix the seal of the
<br />City to each of said bonds. The interest coupons attached to said
<br />bonds shall be executed with the facsimile signature of the City
<br />Controller and said official, by the countersigning of said bonds,
<br />shall adopt as and for his own proper signature his facsimile
<br />signature appearing on said coupons. Said bonds shall, in the
<br />hands of bona fide holders, have all of the qualities of negotiable
<br />instruments under the laws of the State of Indiana.
<br />SECTION 3. The form and tenor of said bonds and the interest
<br />coupons to be attached thereto shall be substantially as follows
<br />(all blanks to be properly completed prior to the printing of the
<br />bonds):
<br />UNITED STATES OF AMERICA
<br />State of Indiana County of St. Joseph
<br />No. $5,000.00
<br />CITY OF SOUTH BEND
<br />MUNICIPAL BONDS OF 1981
<br />The City of South Bend, in St. Joseph County,
<br />Indiana, for value received, hereby acknowledges itself
<br />indebted and promises to pay to the bearer hereof the
<br />principal amount of
<br />FIVE THOUSAND DOLLARS
<br />on 19_, and to pay interest thereon from
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