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Authorizing the Issuance and Sale of Bonds Purpose of Providing Funds to be Applied cost of Construction, Reconstruction and improvement of Streets Approximate Amount $1,000,000.00
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Authorizing the Issuance and Sale of Bonds Purpose of Providing Funds to be Applied cost of Construction, Reconstruction and improvement of Streets Approximate Amount $1,000,000.00
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6/12/2014 10:42:01 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/28/1954
Ord-Res Number
3990-54
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a <br />Sec. 2. For the purpose of providing funds with which <br />to pay the cost of construction of said project and the incidental <br />expenses necessary to be incurred in connection with such project and <br />the issuance of bonds on account thereof, the City shall make a <br />loan in the amount of One Million Dollars ($1,000,000.00). In <br />order to procure said loan the City Controller is hereby authorized <br />and directed to have prepared and to issue and sell the negotiable, <br />direct obligational bonds of the City to be designated as "City of <br />South Bend, Municipal Bonds of 1954," in the aggregate principal <br />amount of One Million Dollars (:$1,000,000.00), which bonds shall <br />be issued in the denomination of One Thousand Dollars ($1,000.00), <br />shall be consecutively from 1 to 1000 inclusive, shall be dated as <br />August 1, 1954, and shall bear interest at a rate not exceeding <br />three per cent (3`jo) per annum (the exact rate to be determined by <br />bidding), which interest shall be yable on �1, 1955, and <br />semi- annually thereafter on Jfguaw 1 and i�w 1 of each year, and <br />shall be evidenced by coupons attached to said bonds. Said bonds and <br />interest coupons shall be payable at the First Bank and Trust Company <br />in the City of South Bend, Indiana, in lawful money of the United <br />States of America. The bonds shall mature serially in the amounts <br />and on the dates as follows: <br />$ 50,000.00 <br />- June 1, <br />1957; $150,000.00 - June 1, <br />1958: <br />150,000.00 - <br />December <br />1, <br />1958; $150,000.00 - June <br />1, 1959; <br />150,000.00 - <br />December <br />1, <br />1959; 175,000.00 - June <br />1, 1950; <br />175,000.00 - <br />December <br />1, <br />1960. <br />Said bonds shall <br />be signed <br />in the name of the City <br />of South <br />Bend by the Mayor of said City, countersigned by the City Controller, <br />and attested by the City Clerk who shall affix the seal of said <br />City to each of said bonds. The interest coupons attached to said <br />bonds shall be executed by placing thereon the facsimile signatures <br />of the Mayor and City Controller, and said officials, by the <br />signing of said bonds, shall adopt as and for their proper signatures <br />their facsimile signatures appearing: on said coupons. Said bonds <br />
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