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

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times referred to as the "City ") by and through its Board of Public Works and Safety, proceed with the construction, re- construction and improvement of streets in accordance with such plans and specifications as have been and may hereafter be approved by the Board of Public Works and Safety. Section 2. For the purpose of providing funds with which to pay the cost of construction, re- construction and improvement of said streets and the incidental expenses necessary to be incurred in connection with such project and the issuance of bonds on account thereof, the city shall make a loan in the amount of One Million Dollars ($1, 000, 000.00). In order to procure said loan the City Controller is hereby authorized and directed to have prepared and to issue and sell the negotiable, direct obligation bonds of the city to be designated as "City of South Bend, Municipal Bonds of 1958 ", in the aggregate principal amount of One Million Dollars ($1, 000, 000.00), which bonds shall be issued in the denomination of One Thousand Dollars ($1, 000. 00), shall be numbered consecutively from I to 1, 000 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 ex- ceeding four per centum (4%) per annum (the exact rate to be deter- mined by bidding), which interest shall be payable on June 1, 1959, and semi- annually thereafter on December 1 and June 1 of each calendar year, and shall be evidenced by coupons attached to said bonds. Said bonds and interest coupons shall be payable at the St. Joseph Bank and Trust Company of 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: - 2