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

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Burns Indiana Statutes Annoted, 1933, then no further steps toward the issuance of said bonds shall be taken unless and until the State Board of Tax Commissioners shall issue its order approving the issuance of said bonds. In the event it shall be determined by the State Board of Tax Commissioners, or otherwise, that the whole amount of the bonds herein authorized shall not be issued, then the City Controller shall be authorized to advertise and sell a lesser amount of bonds, and the bonds not issued and sold shall be the bonds of the largest maturity or maturities. Section 5. Prior to the sale of said bonds the City Controller shall cause to be published a notice of such sale once each week for two (2) weeks in said the South Bend Tribune and The Becord. The date fixed for the 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 purpose 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 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 time designated on the day fixed in the bond sale notice, at which time and place he shall open and consider said bids. Bidders for said bonds shall be required to name the rate of interest which the bonds are to bear, not exceeding four per centum (4 %) per annum, and such interest rate shall be in multiples of one- eighth (1(8) of one per centum (1 %)