Acquisition and Construction of Extensions and Additions Waterworks authorizing Revenue Bonds to Provide Cost thereof

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maturities of the bonds bearing each rate, but all bonds matur- ing on the same date shall bear the same rate. The Controller shall award the bonds to the highest qualified bidder. The highest bidder shall be the one who offers the lowest net interest cost to the City, to be determined by computing the total interest on all of the bonds to their maturities and deducting therefrom the premium bid, if any. No bid for less than the par value of said bonds, including accrued interest to the date of delivery, shall be considered. The Controller shall have the right to reject any and all bids, and in the event no satisfactory bids are received, the Controller shall be authorized to continue the sale from day to day for a period of thirty (30) days without readvertisement; provided, however, that if said sale be contin- ued 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, The Controller shall be authorized to obtain a legal opinion as to the validity of the bonds from Ross McCord Ice & Miller, Indianapolis, Indiana, acting as bond counsel for the City, and to furnish such opinion to the purchasers of the bonds. The fee of such bond counsel shall be considered as a part of the cost of the project on account of which said bonds are issued and shall be paid out of the proceeds of said bonds or out of revenues of the waterworks. Section 8. In the event it shall be hereafter deter- mined that it is not necessary to issue all of the bonds author- ized by this ordinance, or the Public Service Commission shall not approve the issuance of said total amount of bonds, the -14-