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Authorizing the Issuance and Sale of Bonds $1,000,000.00
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Authorizing the Issuance and Sale of Bonds $1,000,000.00
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6/12/2014 11:57:57 AM
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6/12/2014 11:18:03 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/23/1956
Ord-Res Number
4090-56
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times referred to as the "City ") by and through its Board of Public <br />Works and Safety, proceed with the construction, re- construction <br />and improvement of streets in accordance with such plans and <br />specifications as have been and may hereafter be approved by the <br />Board of Public Works and Safety. <br />Section 2, For the purpose of providing funds with which <br />to pay the cost of construction, re- construction and improvement of <br />said streets and the incidental expenses necessary to be incurred in <br />connection with such project and the issuance of bonds on account <br />thereof, the city shall make a loan in the amount of One Million <br />Dollars ($1, 000, 000, 00), In order to procure said loan the City <br />Controller is hereby authorized and directed to have prepared and <br />to issue and sell the negotiable, direct obligational bonds of the city <br />to be designated as "City of South Bend, Municipal Bonds of 1956," <br />in the aggregate principal amount of One Million Dollars ($1, 000, 000, 00), <br />which bonds shall be issued in the denomination of One Thousand <br />Dollars ($1, 000, 00), shall be numbered consecutively from 1 to <br />1, 000 inclusive, shall be dated as of August 1, 1956, and shall <br />bear interest at a rate not exceeding three per centum (3 %) per <br />annum (the exact rate to be determined by bidding), which interest <br />shall be payable on June 1,. 1957, and semi - annually thereafter on <br />December 1 and June 1 of each calendar year, and shall be evidenced <br />by coupons attached to said bonds. Said bonds and interest coupons <br />shall be payable at the St, Joseph Bank and Trust Company of South <br />Bend, Indiana, in lawful money of the United States of America. <br />The bonds shall mature serially in the amounts and on the dates <br />as follows: <br />- 2 - <br />
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