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Section 5. Prior to the sale of said bonds the City Controller shall <br />cause to be published a notice of such sale once each week for two (2) weeks <br />in the said South Bend Tribune and the Tri- County News. Prior to the sale of <br />said bonds the City Controller shall also cause to be published a notice of such <br />sale once each week for two (2) weeks in the Indianapolis Commercial. The date <br />fixed for the sale shall not be earlier than seven (7) days after the last of <br />said publications. Said bond sale notice shall state the time and place of <br />sale, the purpose for which the bonds are being issued, the total amount thereof, <br />the maximum rate of interest thereon, the time and place of payment, the terms <br />and conditions on which bids will be received and the sale made, and such other <br />information as the City Controller shall deem necessary. <br />All bids for said bonds shall be sealed and shall be presented to the <br />City Controller at his office, and said Controller shall continue to receive all <br />bids offered until the hour named on the day fixed in the bond sale notice, at <br />which time and place he shall open and consider said bids. Bidders for said <br />bonds shall be required to name the rate of interest which the bonds are to bear, <br />not exceeding four per cent (4%) per annum, and such interest rate shall be in <br />multiples of one- eighth (1 /8th) of one per cent (L), and not more than one <br />interest rate shall be named by each bidder. The Controller shall award the <br />bonds to the highest responsible and qualified bidder. The highest bidder shall <br />be the one who offers the lowest net interest cost to the City, computing the <br />total interest on all of the bonds to their maturities and deducting therefrom <br />the premium bid, if any. No bid for less than the par value of said bonds, <br />including accrued interest at the rate named to the date of delivery, shall be <br />considered. The Controller shall have full right to reject any and all bids. In <br />the event no acceptable bid is received at the time fixed in said notice for the <br />sale of said bonds, the Controller shall be authorized to continue to receive <br />bids from day to day thereafter for a period of not to exceed thirty (30) days, <br />without readvertising, but during such continuation no bid shall be accepted which <br />is lower than the highest bid received at the time fixed for such sale in the bond <br />sale notice. <br />-6- <br />