Construction Additions & Improvements to the Sewage Works

Home Browse Search

the City, payable out of the revenues of the City's sewage works to be set aside into the Sewage Works Sinking Fund as herein provided, and the proceeds derived from the sale of said bonds shall be and are hereby set aside for application on the cost of construction of said additions and improvements to the City's sewage works hereinbefore referred to, and the expenses necessarily incurred in connection therewith and on account or in connection with the issuance of said bonds. The proper officers of the City are hereby directed to do all acts and things which may be necessary to carry out the provisions of this ordinance. Sec. 8. Prior to the sale of said bonds the City Controller shall cause to be published a notice of such sale once each week for two (2) weeks in the South Bend Tribune and Tri- County News published in the City of South Bend, Indiana, and one time in a newspaper or financial journal published in the City of Indianapolis, Indiana, the last publication to be at least seven (7) days prior to the date fixed for said sale. Said notice, or a summary of the terms thereof, may also be published in The Bond Buyer, published in the City and State of New York, in the discretion of the City Controller. The bond sale notice shall state the time and place of sale, the character and amount of the bonds, the maximum rate of interest thereon, the maturities thereof, the purpose for which the bonds are being issued, the terms and conditions upon which bids will be re- ceived and the sale made, and such other information as the City Controller and the attorneys employed by the City shall deem advisable and as by Chapter 5, Article 2, Title 19, of The Indiana Code of 1971 provided. Said notice shall provide, among other things, that each bid shall be accompanied by a certified or cashier's check in the amount of Thirty Five Thousand Dollars ($35, 000) to guarantee performance on the part of the bidder, and that in the event the successful bidder shall fail or refuse to accept delivery of the bonds and pay for the same at the time fixed in the notice of sale, then said check and the proceeds thereof shall be the - 11 -