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Purchase of Land and the Construction , off Street Parking Facilities Issuance of revenue Bonds and Distribution of the Revenues
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Purchase of Land and the Construction , off Street Parking Facilities Issuance of revenue Bonds and Distribution of the Revenues
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/9/1969
Ord-Res Number
5089-69
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week for two (2) weeks in the South Bend Tribune and Tri- <br />County News and a summary notice one time in The Indianapolis <br />Commercial and The Bond Buyer, the last publication to be <br />least seven (7) days prior to the date fixed for said sale. <br />The bond sale notice shall state the time and place of sale, <br />the character and amount of the bonds, the maximum interest <br />rate, the terms and conditions upon which bids shall be re- <br />ceived and the sale made, and such other information as the <br />City Controller and the attorneys employed by the City shall <br />deem advisable. Said notice shall provide, among other things, <br />that each bid shall be accompanied by a certified or cashier's <br />check in the amount of two per cent (2%) of the par value of <br />the bonds, to guarantee performance on the part of the bidder, <br />and that in the event the successful bidder shall fail or re- <br />fuse to accept delivery of the bonds and pay for the same as <br />soon as the bonds are ready for delivery, or at the time fixed <br />in the notice of sale, then said check and the proceeds there- <br />of shall be the property of the City and shall be considered <br />as its liquidated damages on account of such default; also, <br />that bidders for said bonds will be required to name the rate <br />or rates of interest which the bonds are to bear and that such <br />interest rate or rates shall be in multiples of one - fourth <br />(1/4) or one -tenth (1 /10) of one per cent (1%); also that the <br />opinion of Ice Miller Donadio & Ryan, bond counsel of Indian- <br />apolis, Indiana, approving the legality of said bonds, will be <br />furnished to the purchaser at the expense of the City, and that <br />no conditional bids will be considered. <br />The bonds shall be awarded by the City Controller to the <br />highest qualified bidder who has submitted his bid in accord- <br />- 15 - <br />
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