Authorizing a Temporary Loan for the General Fund Sale of Warrants

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Section 2. Said warrant shall be signed by the Mayor, countersigned by and the Controller, and the Seal of the City shall be affixed thereto and on said interest warrants ito the day of maturity shall be added and included in the face value thereof,, and the fund on account of which said warrant is issued and indicate) out of whic said warrant is payable. Said warrant shall be issued in substantially the following form, all blanks to be properly filled in prior to delivery; Section 3. The City Controller is hereby authorized and directed to have said warrants prepared in the sum herein provided and to sell said warrants as a whole, or in parcels, to the highest bidder therefor, at not less than the face value thereof, plus accrued interest, if any, after the date thereof, after giving notice of said sale thereof, once each week, for two (2) weeks in the South Bend Tribune and in the Tri- County News. The highest bidder shall be the one who offers the lowest net interest cost to the City, to be determined by computing the total interest of all the war- deducting rants to their maturity or maturities and therefrom the premium bid, if any. The notice of the sale shall describe briefly the warrants, setting out the facts in regard to the amount, denomination, rate of interest, dates of issuance and maturity, and a fixed time and place for the receiving of bids therefor. The Controller shall be authorized to reserve the right to deliver all of said warrants at one time, or in parcels as stated in said Notice. The Controller shall have the right to reject any and all bids. In the event that no satisfactory bids for said warrants are received at the time fixed in said notice, the sale may be continued from day to day there- after for a period not to exceed thirty (30) days without readvertisement, but during the continuation of such sale no bid shall be accepted which is lower than the highest bid received at the time fixed for said sale in said notice. Section 4. This Ordinance shall be in f ll force and effect from and after its passage and signing by the Mayor. C/(JJy Member olf the Common Council Passed by the Common Council of the ty of South Bend on the 9th day of February , 1970. Presiding Officer of the Common Council ATTEST: J i Presented by me to the Mayor of the City of South Bend, on the loth day of February 1970, at the hour of 1,00 o'clock _4 _ M. City Clerk This Ordinance approved and signed by me on the / V day of Fehr„ar;+ , 1970, at the hour of �.'0 G o'clock �p _M^ 1st • 2sd Rl.!.M!G 2 -9 -70 rujxu WHOLE P" 2 -9 -70 - Suspension of Rules 3rd .._ ._... NOT k i ;OVZ.D REFERRED PASSED 2 -9 -70 by Suspension of Rules FLED IN CiLI TS OFFICF FEB 3 1970 KATHRYN L. BLOUGH CITY CLERK, SOUTH BEND, IND.