Sale of Bonds for Cost of the Construction of Storm, Sanitary & other Sewers to Maple Road

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and directed to have prepared and to issue and sell the negotiable general obligations bonds of the City, to be designated as "Munici- pal Bonds of 1961 ", in the aggregate principal amount of One Million One Hundred Thousand Dollars ($1,100,000), which bonds shall be Issued in the denomination of One Thousand Dollars ($1;000), shall be numbered consecutively from 1 to 1100 inclusive, shall be dated as of the first day of the month in which said bonds are sold, and shall bear interest at a rate not exceeding four (V.) per cent per annum (the exact rate to be determined by bidding), which interest shall be payable on June 1, 1962, and semi — annually thereafter on December 1, and June 1, of each year, and shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable at the St. Joseph Bank and Trust Company, South Bend, Indiana, in lawful money of the United States of America. The bonds shall mature serially in the amounts and on the dates as follows: $75,000 on June 1st, 1964; 75,000 on December 1st, 1964; 50,000 on June 1st, 1965; 50,000 on December 1st, 1965; 75,000 on June 1st, 1966; 75,000 on December 1st, 1966; 200,000 pn June 1st, 1967; 200,000 on December 1st, 1967; 1501000 on June 1st, 1968; 150,000 on December 1st, 1968; Said bonds shall be signed in the name of The City of South Bend by the Mayor, countersigned by the City Controller, and attested by the City Clerk who shall affix the seal of the City to each of said bonds. The interest coupons attached to said bonds shall be executed with the facsimile signature of the City Controller, and said official, by the countersigning of said bonds, shall adopt as and for his own proper signature his facsimile signature appearing on said coupons. Said bonds shall, in the hands of bona fide holders, have all of the qualities of negotiable instruments under the law merchant. -3-