Authorizing the Issuance and Sale of Bonds to be Applied to the cost of Construction, Reconstruction and Improvement of Streets

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ORDINANCE NO. 4302 -60 AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, AUTHORIZING THE ISSUANCE AND SALE OF BONDS OF SAID CITY FOR THE PURPOSE OF PROVIDING FUNDS TO BE APPLIED TO THE COST OF CONSTRUCTION, RE- CONSTRUCTION AND IM- PROVEMENT OF STREETS, AND EXPENSES INCURRED IN CONNECTION THEREWITH. WHEREAS, The Board of Public Works and Safety of the City of South Bend has found that many streets in said city have deteriorated and have become defective to a serious extent; that an emergency exists for the immediate construction, re- construction and improvement of such streets and that said project is necessary in order to protect the safety and well -being of the citizens of said city, and will be of general benefit to the entire city; and WHEREAS, the Board of Public Works and Safety has determined that the estimated cost of said project, and the incidental expenses necessary to be incurred in connection therewith, including the issuance of bonds, will be in the approximate amount of One Million Dollars ($1, 000, 000, 00), and has filed a request for an appropriation in said amount for said purposes, which request has been approved by the City Controller, with the recommendation that the funds necessary to cover such appropriation be obtained by the issuance and sale of general obligation bonds of said city; and WHEREAS, the Common Council now finds that the con- struction, re- construction and improvement of streets is immediately necessary and will be of general benefit to the city and its. citizens; now, therefore, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. That the City of South Bend (hereinafter, some-