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Authorizing the Issuance and Sales of Bonds Cost of Construction and Improvement of Sewers
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Authorizing the Issuance and Sales of Bonds Cost of Construction and Improvement of Sewers
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1/6/2015 11:44:00 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
4/10/1950
Ord-Res Number
3738-50
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- 5 - <br />Section 5. Prior to the sale of said bonds the City Controller shall <br />cause to be published a notice of such sale once each week for two weeks in <br />the South Bend Tribune and South Bend Mirror, and one time in The Indianapolis <br />Commercial. The date fixed for the sale shall not be earlier than seven (7) <br />days after the last of said publications. Said bond sale notice shall state <br />the time and place of sale, the purpose for which the bonds are being issued, <br />the total amount thereof, the maximum rate of interest thereon, the time and <br />place of payment, the terms and conditions on which bids will be received and <br />the sale made, and such other information as the City Controller shall deem <br />necessary. <br />All bids for said bonds shall be sealed and shall be presented to <br />the City Controller at his office, and said Controller shall continue to re- <br />ceive all bids offered until two o'clock P. M. on the day fixed in the bond <br />sale notice, at which time and place he shall open and consider said bids. <br />Bidders for said bonds shall be required to name the rate of interest which <br />the bonds are to bear, not exceeding three per cent ( %) per annum, and such <br />interest rate shall be in multiples of one — fourth (1/4) of one percent (1%), <br />and not more than one interest rate shall be named by each bidder. The Con- <br />troller shall award the bonds to the highest responsible and qualified bidder. <br />The highest bidder shall be the one who offers the lowest net interest cost to <br />the City, computing the total interest on all of the bonds to their maturities <br />and deducting therefrom the premium bid, if any. No bid for less than the par <br />value of said bonds, including accrued interest at the rate named to the date <br />of delivery, shall be considered. The Controller shall have full right to <br />reject any and all bids. In the event no acceptable bid is received at the <br />time fixed in said notice for the sale of said bonds, the Controller shall be <br />authorized to continue to receive bids from day to day thereafter for a period <br />of not to exceed thirty (30) days, without readvertising, but during such <br />continuation no bid shall be accepted which is lower than the highest bid re- <br />ceived at the time fixed for such sale in the bond sale notice. <br />Prior to the sale of said bonds the City Controller shall be authorized <br />to obtain a legal opinion as to the validity of said bonds from competent bond <br />
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