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Authorizing the Issuance and Sale of Bonds to be Applied to the cost of Construction, Reconstruction and Improvement of Streets
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Authorizing the Issuance and Sale of Bonds to be Applied to the cost of Construction, Reconstruction and Improvement of Streets
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/8/1960
Ord-Res Number
4302-60
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and not more than one (l.) interest rate shall be named by such <br />bidder. The Controller shall award, the bonds to the highest re- <br />sponsible and, qualified bidder. The highest bidder shall be the <br />one who offers the lowest net interest cost to the city to be deter- <br />mined by computing the total interest on all of the bonds to their <br />maturities and ,deducting therefrom the premium bid, if any. No <br />bid for less than the par value of said bonds, including accrued <br />interest at the rate named to the date of delivery, shall be con- <br />sidered. The Controller shall have full right to reject any and all <br />bids. In the event no acceptable bid is received at the time fixed <br />in said notice for the sale of said bonds, the Controller shall be <br />authorized to continue to receive bids. from day to day thereafter <br />for a period of not to .exceed thirty (30) days, without readvertising, <br />but during such continuation no bid shall be accepted which is lower <br />than the highest bid received at the time fixed for such sale in the <br />bond sale notice. <br />Prior to the sale of said bonds the City Controller shall <br />be authorized to obtain a legal opinion as to the validity of said bonds <br />from Ross, McCord, Ice and Miller, bond counsel of Indianapolis, and <br />to furnish such opinion to the purchaser of said bonds. The cost of <br />said opinion shall be considered a part of the cost of said project, <br />and shall be paid out of the proceeds of said bonds. <br />Section 6. The City Controller is hereby authorized <br />and directed to have said bonds and coupons prepared, and the Mayor, <br />City Controller and City Clerk are hereby authorized and directed to <br />execute said bonds and the interest coupons to be attached thereto in <br />the form and manner herein provided. After said bonds shall have <br />- 7 <br />
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