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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two (2) weeks in said South Bend Tribune and The Record. Prior to the sale of said bonds the City Controller shall also cause to be published a notice of such sale once each week for two (2) weeks in the Indianapolis Commercial. The date fixed forthe sale shall not be earlier than seven (7) days after the last of said publications. Said bond sale notice shall state the time and place of sale, the pur- pose for which the bonds are being issued, the total amount thereof, the maximum rate of interest thereon, the time and place of payment; the terms and conditions on which bids will be received and the sale made, and such other information as the City Controller shall deem necessary. All bids for said bonds shall be sealed and shall be presented to the City Controller at his office, and said Controller shall continue to receive all bids offered until the hour named on the day fixed in the bond sale notice, at which time and place he shall open and con- sider said bids. Bidders for said bonds shall be required to name the rate of interest which the bonds are to bear, not exceeding four (4°0) per cent per annum, and such interest rate shall be in multiple of one - eighth (1/8) of one (1%) per cent, and not more than one interest rate shall be named by each bidder. The controller shall award the bonds to the highest responsible and qualified bidder. The highest bidder shall be the one who offers the lowest net interest cost to the City, comput- ing the total interest on all of the bonds to their maturities and de- ducting therefrom the premium bid, if any. No bid for less than the par value of said bonds, including accrued interest at the rate named to the date of delivery, shall be considered. The Controller shall have full right to reject any and all bids. In the event no acceptable bid is received at the time fixed in said notice for the sale of said bonds, the Controller shall be authorized to continue to receive bids from day to day thereafter for a period of not to exceed thirty (30) days, without readvertising, but during such continuation no bid shall be accepted which is lower than the highest bid received at the time fixed for such sale in the bond sale notice. -7-