Authorizing the Issuance and Sales of Bonds Cost of Construction and Improvement of Sewers

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- 5 - Section 5. Prior to the sale of said bonds the City Controller shall cause to be published a notice of such sale once each week for two weeks in the South Bend Tribune and South Bend Mirror, and one time in The Indianapolis Commercial. The date fixed for the sale shall not be earlier than seven (7) days after the last of said publications. Said bond sale notice shall state the time and place of sale, the purpose for which the bonds are being issued, the total amount thereof, the maximum rate of interest thereon, the time and place of payment, the terms and conditions on which bids will be received and the sale made, and such other information as the City Controller shall deem necessary. All bids for said bonds shall be sealed and shall be presented to the City Controller at his office, and said Controller shall continue to re- ceive all bids offered until two o'clock P. M. on the day fixed in the bond sale notice, at which time and place he shall open and consider said bids. Bidders for said bonds shall be required to name the rate of interest which the bonds are to bear, not exceeding three per cent ( %) per annum, and such interest rate shall be in multiples of one — fourth (1/4) of one percent (1%), and not more than one interest rate shall be named by each bidder. The Con- troller shall award the bonds to the highest responsible and qualified bidder. The highest bidder shall be the one who offers the lowest net interest cost to the City, 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 considered. 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 (30) days, without readvertising, but during such continuation no bid shall be accepted which is lower than the highest bid re- ceived 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 competent bond