Authorizing the Issuance and Sale of Bonds Said City in Order to Provide Funds for Various Purposes

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shall open and consider said 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 (1/4) or one - tenth (1/10) of one per cent (1 %) and not more than three (3) interest rates shall be named by each bidder. Bids specifying two (2) or more interest rates shall also specify the amount and maturity of the bonds bearing each rate, but all bonds maturing on the same date shall bear the same single coupon rate. A rate may be repeated without constituting a different interest rate. The rate on any maturity shall be equal to or greater than the rate on the immediately preceding maturity. The interest due on any bond on any interest payment date shall be represented by a single interest coupon. 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 all of the bonds to their maturities 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 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 of not to exceed thirty (30) days, without readvertisement, but during such 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 Ice Miller Donadio & Ryan, bond counsel of Indianapolis, Indiana, and to furnish such opinion to the purchaser of said bonds. The cost of said opinion shall be considered a part of the cost of said projects, and shall be paid out of the proceeds of said bonds. SECTION 6. The City Controller is hereby authorized and directed to have said bonds and coupons prepared, and the Mayor, City Controller and City Clerk are hereby authorized and directed to execute said bonds and the interest coupons to be attached thereto in the form and manner herein provided. After said bonds have been properly executed, the City Controller shall deliver the same to the City Treasurer and shall take his receipt therefor, and upon the con- summation of the sale of said bonds the City Controller shall then certify to the City Treasurer the amount which the purchaser is to pay for the same, thereupon, the City Treasurer shall be authorized to receive from the purchaser the amount so certified by the Controller and to deliver the bonds to such purchaser. SECTION 7. This ordinance shall be in full force and effect immediately upon its passage and signing by the Mayor. 1 6 Member of the Common Counci I signed on].v fo proTZde an +-, j'L'bl:iC :11:,C uss, on opportunJ FILED IIJ CLE:.,'IYS OFFICE -5- Irene Gammon CITY CLERK, SOUTH BEND, IND.