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