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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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ance with the terms of this ordinance and the notice of sale. <br />The highest bidder will be the one who offers the lowest net <br />interest cost to the City, to be determined by computing the <br />total interest on all of the bonds to their maturities and <br />deducting therefrom the premium bid, if any. The right to <br />reject any and all bids shall be reserved. The City Control- <br />ler shall be authorized to continue the sale from day to day <br />for a period of thirty (30) days without readvertisement; pro- <br />vided, however, that if the sale be continued no bid shall be <br />accepted which is lower than the highest bid received at the <br />time fixed for said sale in the bond sale notice. <br />Sec. 8. The accrued interest and the premium received <br />at the time of the delivery of the bonds, if any, together <br />with such amount of the proceeds of the bonds as shall equal <br />the interest accruing on the bonds for a period of eighteen <br />(18) months following delivery of the bonds, shall be depos- <br />ited in the Parking Sinking Fund - Project 1969 hereinafter <br />created. The remaining proceeds from the sale of said bonds <br />shall be deposited in a bank or banks which are legally desig- <br />nated depositories for the funds of the City, in a special <br />account or accounts, separate and apart from all other bank <br />accounts of the City, to be designated as "City of South <br />Bend, 1969 Project Parking Facilities Acquisition and Con- <br />struction Account." All funds deposited to the credit of <br />said acquisition and construction account shall be depos- <br />ited, held and secured in accordance with the laws of the <br />State of Indiana relating to the depositing, holding and <br />securing of public funds, subject to the provision for in- <br />vestment hereinafter provided in this section. The moneys <br />in said special account or accounts shall be expended only <br />- 16 - <br />
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