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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 />