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Acquisition and Construction of Extensions and Additions Waterworks authorizing Revenue Bonds to Provide Cost thereof
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Acquisition and Construction of Extensions and Additions Waterworks authorizing Revenue Bonds to Provide Cost thereof
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5/13/2014 9:56:23 AM
Creation date
5/12/2014 10:44:42 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/23/1960
Ord-Res Number
4321-60
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Section 7. The City Controller is hereby authorized <br />and directed to have said bonds and coupons prepared, and the <br />Mayor, City Controller and City Clerk are hereby authorized <br />and directed to execute said bonds and the coupons to be <br />attached thereto in the form and manner hereinbefore provided. <br />The City Controller shall sell said bonds at public sale. <br />Prior to the sale of the bonds the Controller shall cause to <br />be published a notice of sale once each week for two weeks <br />in The Record and the South Bend Tribune, and one time in a <br />newspaper published in the City of Indianapolis, and such <br />other publications as he shall deem advisable. The date fixed <br />for the sale shall not be earlier than seven .(7) days after the <br />last of said publications. The bond sale notice shall state <br />the time and place of sale, the total amount of bonds, the <br />maximum rate of interest thereon, the maturities thereof, the <br />purpose for which the bonds are being issued, the terms and <br />conditions on which bids will be received and the sale made, <br />and shall set out such other information as the Controller, <br />acting on the advice of counsel, shall deem necessary. <br />All bids for said bonds shall be sealed and shall be <br />presented to the Controller at his office. Bidders shall be <br />required to name the rate or rates of interest which the bonds <br />are to bear, not exceeding five per cent (5 %) per annum. Such <br />interest rate or rates shall be in multiples of one - eighth <br />(1 /8th) of one per cent (1,%), and not more than three different <br />interest rates shall be named by each bidder. Bids specifying <br />more than one interest rate shall also specify the amount and <br />-13- <br />
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