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ORDINANCE NO. <br />AN ORDINANCE TO AMEND SECTION 2 AND SECTION 3 <br />OF ORDINANCE NO. 4248 ENTITLED "AN ORDINANCE jj. <br />OF THE CITY OF SOUTH BEND, INDIANA,. AUTHO=Nc� <br />THE ISSUANCE AND SALE OF BONDS OF SAID CITY FOR - <br />THE PURPOSE OF PROVIDING FUNDS TO BE APPLIED <br />TO THE COST OF CONSTRUCTION, RE- CONSTRUCTION <br />AND IMPROVEMENT OF STREETS AND EXPENSES <br />INCURRED IN CONNECTION THEREWITH, AS AMENDED ", <br />PASSED OCTOBER 27, 1958. <br />Be it ordained by the Common Council of the City of <br />South Bend, Indiana: <br />FEB 7 '59 Q <br />F I L E D <br />CITY OF SOI . d DBD <br />F [':,: 3. '{JbLL. CLERK <br />Section 1. That Section 2 of the above entitled ordinance <br />be amended to read as follows: <br />"Section 2. For the purpose of providing funds with <br />which to pay the cost of construction, re- construction and im- <br />provement of said streets and the incidental expenses necessary <br />to be incurred in connection with such project and the issuance <br />of bonds on account thereof, the city shall make a loan in the <br />amount of One Million Dollars ($1, 000, 000. 00). In order to <br />procure said loan the City Controller is hereby authorized and <br />directed to have prepared and to issue and sell the negotiable, <br />direct obligation bonds of the city to be designated as "City <br />of South Bend, Municipal Bonds of 1959 ", in the aggregate <br />principal amount of One Million Dollars ($1, 000, 000. 00), which <br />bonds shall be issued in the denomination- of One Thousand <br />Dollars ($1, 000. 00), shall be numbered consecutively from <br />1 to 10 000 inclusive, shall be dated as of the first day of the <br />month in which said bonds are sold, and shall bear interest <br />at a rate not exceeding four per centum (4 %) per annum (the <br />exact rate to be determined by bidding), which interest shall <br />be payable on December 1, 1959, and semi - annually thereafter <br />