Concerning Construction and the Installation of Extensions, Additions and Improvements to the Waterworks

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Section 7. The City Controller is hereby authorized and directed to have said bonds and coupons prepared, and the Mayor, City Controller and City Clerk are hereby authorized and directed to execute said bonds and the coupons to be attached thereto in the form and manner hereinbefore provided. The City Controller shall sell said bonds at public sale. Prior to the sale of the bonds the Controller shall cause to be published a notice of sale once each week for two weeks in The Tri- County Nevis and the South Bend Tribune, and one time in a newspaper or financial journal published in the City of Indianapolis, and is authorized to publish said notice or a summary thereof in a financial journal published in the City of New York, New York in the event he shall deem it advisable. The date fixed for the sale shall not be earlier than seven (7) days after the last of said publications. The bond sale notice shall state the time and place of sale, the total amount of bonds, the maximum rate of interest thereon, the maturities thereof, the purpose for which the bonds are being issued, 'the terms and conditions on which bids -will be received and the sale made, and shall set out such other information as the Controller, acting on the advice of counsel, shall deem necessary. All bids for said bonds shall be sealed and shall be presented to the Controller at his office. Bidders shall be required to name the rate or rates of interest which the bonds are to bear, not exceeding five per cent (54o) per annwn. Sudz interest rate or rates shall be in multiples of one - eighth (1 /8th) of one per cent (1%), and not more than three different interest rates shall be named by each bidder. Bids specifying more than one interest rate shall also specify the amount and maturities of the bonds bearing each rate, but all bonds maturing on 'the same date shall bear the same single coupon rate. The Controller shall award the bonds to the highest qualified bidder. 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 on all of 'the bonds to their maturities and deducting therefrom the premium bid, if any. No bid for less than 'the par value of said bonds, including accrued interest -to the date of delivery, shall be considered. The Controller shall have the right to reject any and all bids, and in the event no satisfactory bids are received, the -11-