Authorizing the Issuance and Sale of Bonds of said City in Order to Provide Funds for the Acquisition of land as a Site or Sites

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WHEREAS, the Council now finds that the acquisition of such land and the construction, furnishing and equipment of such buildings are necessary and will be of general benefit to the City and its citizens; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. That the City of South Bend (hereinafter sometimes referred to as the "City"), by and through its Board of Public Works and Safety, take steps for the acquisition of land as a site or sites for, and the construction, furnishing and equipment of, a building or buildings as a centralized city facility to house various departments, offices and branches of city government and also to provide for the housing and maintenance of city equipment of the City of South Bend, Indiana, as recommended by the Board of Public Works and Safety. Section 2. For the purpose of providing funds with which to pay the cost of said projects and the incidental expenses necessary to be incurred in connection therewith, the City shall make a loan in the amount of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000). In order to procure said loan, the City Controller is hereby authorized and directed to have prepared and to issue and sell the negotiable general obligation bonds of the City, to be designated as "Municipal Bonds of 1965 ", in the aggregate principal amount of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000), which bonds shall be issued in the denomination of Five Thousand Dollars ($5,000), shall be numbered consecutively from 1 to 300 inclusive, shall be dated as of the first day of the month in which said bonds are sold, and shall bear interest at a rate not exceeding four per cent (4%) per annum (the exact rate to be determined by bidding), which interest shall be payable on June 1, 1966, and semi - annually thereafter on December 1, and June 1, of each year, and shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable at the First Bank and Trust Company of South Bend, South Bend, Indiana, in lawful money of the United States of America. The bonds shall mature serially in the amounts and on the dates as follows: -2-