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Authorizing the issuance and sale of bonds in order to provide funds for application on the cost of the payment and redemption of certificates of indebtedness issued by the City in payment of the City's share of street and alley intersection assessments
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Authorizing the issuance and sale of bonds in order to provide funds for application on the cost of the payment and redemption of certificates of indebtedness issued by the City in payment of the City's share of street and alley intersection assessments
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
9/10/1962
Ord-Res Number
4501-62
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Chapin, Sample and Scott Streets in the Chapin Street Redevelopment <br />area, and pave and improve Portage Avenue from Elwood Avenue to <br />Navarre Street and also from Lathrop Avenue to Colfax Avenue; con- <br />struct storm sewers at Michigan Street and St. Joseph River and at <br />31st Street and Mishawaka Avenue; construct storm sewer crossings <br />at Mishawaka Avenue between Emerson and Roberts Streets and at Portage <br />Avenue between Vassar Avenue and Humboldt Street, and construct com- <br />bined sanitary and storm sewers at a point East of Miami Street from <br />Scottsdale Addition South to Jackson Road, as recommended by the Board <br />of Public Works and Safety. <br />Section 2. For the purpose of providing funds with which to pay <br />the cost of said projects and the incidental expenses necessary to be <br />incurred in connection therewith, the City shall make a loan in the <br />amount of One Million Dollars ($12000,000). In order to procure said <br />loan, the City Controller is hereby authorized and directed to have <br />prepared and to issue and sell the negotiable general obligations bonds <br />of the City, to be designated as "Municipal Bonds of 1962s in the <br />aggregate principal amount of One Million Dollars ($1,000,000), which <br />bonds shall be issued in the denomination of One Thousand Dollars <br />01000), shall be numbered consecutively from 1 to 1000 inclusive, <br />shall be dated as of the first day of the month in which said bonds are <br />sold, and shall bear interest at a rate not exceeding four (4%) per <br />cent per annum (the exact rate to be determined by bidding), which <br />interest shall be payable on June 1, 1963, and semi - annually thereafter <br />on December 1, and June 4 of each year, and shall be evidenced by <br />coupons attached to said bonds. Both bonds and interest coupons shall <br />be payable at the St. Joseph Bank and Trust Company, South Bend, Indiana, <br />in lawful money of the United States of America. The bonds shall mature <br />serially in the amounts and on the dates as follows« <br />-3- <br />
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