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Sec. 3. The City Controller is hereby authorized and directed to <br />have said warrants prepared in the sum herein provided and to sell said <br />warrants as a whole, or in parcels, to the highest bidder therefor, at not <br />less than the face value thereof, plus accrued interest, if any, after the <br />date thereof, after giving notice of sale thereof, once each week, for two <br />(2) weeks in the South Bend Tribune and The Record. The highest bidder <br />shall be the one who offers the lowest net interest cost to the City, to be <br />determined by computing the total interest on all of the warrants to their <br />maturity or maturities and deducting therefrom the premium bid, if any. <br />The notice of sale shall describe briefly the warrants, setting out <br />the facts in regard to the amount, denomination, rate of interest, dates of <br />issuance and maturity, and a fixed time and place for the receiving of bids <br />therefor. The Controller shall be authorized to reserve the right to deliver <br />all of said warrants at one time, or in parcels, as stated in said notice. The <br />Controller shall have the right to reject any and all bids. In the event no <br />satisfactory bids for said warrants are received at the time fixed in said <br />notice, the sale may be continued from day to day thereafter for a period <br />of not to exceed thirty (30) days without readvertisement, but during the <br />continuation of such sale no bid shall be accepted which is lower than the <br />highest bid received at the time fixed for said sale in said notice. <br />Sec. 4. This ordinance shall be in full force and effect from and <br />after its passage and signing by the Mayor. <br />Wb,gnbe�of the Common Council <br />-5- <br />