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week for two (2) weeks in The Indianapolis Commercial. Said notice, or a <br />summary thereof, in the discretion of the City Controller, may also be pub- <br />lished in the Bond Buyer, New York, New York. The date fixed for the sale <br />shall not be earlier than seven (7) days after the last of said publications. <br />Said bond sale notice shall state the time and place of sale, the purpose for <br />which the bonds are being issued, the total amount thereof, the maximum rate <br />of interest thereon, the time and place of payment, the terms and conditions <br />on which bids will be received and the sale made, and such other information <br />as the City Controller shall deem necessary. <br />All bids for said bonds shall be sealed and shall be presented to the <br />City Controller at his office, and said Controller shall continue to receive all <br />bids offered until the hour named on the day fixed in the bond sale notice, at <br />which time and place he shall open and consider said bids. Bidders for said <br />bonds shall be required to name the rate or rates of interest which the bonds <br />are to bear, not exceeding six and one -half per cent (62 %) per annum, and such <br />interest rate or rates shall be in multiples of one - eighth (1 /8th) or one -tenth <br />(1 /10th) of one per cent (1 %), and not more than three different interest rates <br />shall be named by each bidder. The Controller shall award the bonds to the <br />highest responsible and qualified bidder. The highest bidder shall be the one <br />who offers the lowest net interest cost to the City, computing the total interest <br />on all of the bonds to their maturities and deducting therefrom the premium bid, <br />if any. No bid for less than the par value of said bonds, including accrued <br />interest at the rate or rates named to the date of delivery, shall be considered. <br />The Controller shall have full right to reject any and all bids. In the event no <br />acceptable bid is received at the time fixed in said notice for the sale of said <br />bonds, the Controller shall be authorized to continue to receive bids from day <br />to day thereafter for a period of not to exceed thirty (30) days, without <br />