Purchase of Land and the Construction , off Street Parking Facilities Issuance of revenue Bonds and Distribution of the Revenues

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