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

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not exceeding four per centum (41o) per annum, and such interest rate shall be in multiples of one - eighth (1/8) of one per centum (116), and not more than one (1) interest rate shall be named by such bidder. The Controller shall award the bonds to the highest re- sponsible and qualified bidder. The highest bidder shall be the one who offers the lowest net interest cost to the city to be deter- mined by computing the total interest on all of the bonds to their maturities and deducting therefrom the premium bid, if any. No bid for less than the par value of said bonds, including accrued interest at the rate named to the date of delivery, shall be con- sidered. The Controller shall have full right to reject any and all bids. In the event no acceptable bid is received at the time fixed in said notice for the sale of said bonds, the Controller shall be authorized to continue to receive bids from day to day thereafter for a period of not to exceed thirty (3.0) days, without readvertising, but during such continuation no bid shall be accepted which is lower than the highest bid received at the time fixed for such sale in the bond sale notice. Prior to the sale of said bonds the City Controller shall be authorized to obtain a legal opinion as to the validity of said bonds from Ross, McCord, Ice and Miller, bond counsel of Indianapolis, and to furnish such opinion to the purchaser of said bonds. The cost of said opinion shall be considered a part of the cost of said project, and shall be paid out of the proceeds of said bonds. Section 6. The City Controller is hereby authorized and directed to have said bonds and coupons prepared, and the Mayer, City Controller and City Clerk are hereby authorized and - 7 -