Authorizing the Making of a Temporary Loan for the General Fund and the Issuance and Sale of Warrants

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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 warrants to their maturity or maturities and deducting 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 full rce and effect from and after its passage and signing by the Mayor. M ber of the Common Council Passed by the Common Council of the City, f South Bend on the 9th day of __ March _ _ _, 1970. Presiding Officer of the Common Council ATTEST: rk c. Y c Presented by me to the Mayor of the City of South Bend, on the 1 6thday of March 1970, at the hour of 9 o'clock a. m. L City Cl &k This Ordinance approved and signed by me on the d y of 1970, at the hour of o'clock lst & 2nd READING 3 -9 -70 COMI!ITTFE OF THE WHOLE PUBLIC HDIMNG 3 -9 -70 3rd REF.D!P °' 3 -9 -70 NOT 0PROVED REFERRED PASSED 3 -9 -70 - Suspension of the Rules FILED IN CLERK'S OFFICE MAR 4 1970 KATHRYN L. BLOUGH CITY CLERK, SOUTH BEND, IND.