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- 2 - <br />Safety, proceed with the construction of the sewer project hereinbefore re- <br />ferred to, in accordance with such plans and specifications which have been and <br />may hereafter be approved by the Board of Public Works and Safety. <br />Section 2. For the purpose of providing funds with which to pay the <br />costs of construction of said sewer project and the incidental expenses necessary <br />to be incurred in connection with such project and the issuance of bonds on <br />accoun�thereof, the City shall make a loan in the amount of One Million Dollars <br />($1,000,000.00). In order to procure said loan the City Controller is hereby <br />authorized and directed to have prepared and to issue and sell the negotiable, <br />direct obligation bonds of the City to be designated as "City of South Bend, <br />Municipal Bonds of 19501" in the aggregate principal amount of One Million <br />Dollars ($110001000.00), which bonds shall be issued in the denomination of One <br />Thousand Dollars ($1,000.00), shall be numbered consecutively from 1 to 1000 <br />inclusive, shall be dated as of June 1, 1950, and shall bear interest at a rate <br />not exceeding three per cent (3%) per annum (the exact rate to be determined by <br />bidding), which interest shall be payable on December 1, 1950, and semi - annually <br />thereafter on June 1 and December 1 of each year, and shall be evidenced by <br />coupons attached to said bonds. Both bonds and interest coupons shall be payable <br />at the office of the City Treasurer in the City of South Bend, Indiana, in lawful <br />money of the United States of America. The bonds shall mature serially in the <br />amounts and on the dates as follows: <br />$200,000.00 on December 1, 1951; $300,000.00 on December 1, <br />1952 and $100,000.00 on December 1 of each year thereafter <br />to and including December 1, 1957 <br />Said bonds shall be signed in the name of the City of South Bend <br />by the Mayor of said City, countersigned by the City Controller, and attested by <br />the City Clerk who shall affix the seal of said City to each of said bonds. <br />The interest coupons attached to said bonds shall be executed with the fac- <br />simile signature of the City Controller, and said official, by the counter- <br />signing of said bonds, shall adopt as and for his own proper signature his facsimile <br />signature appearing on said coupons. Said bonds shall, in the hands of bona <br />fide holders, have all of the qualities of negotiable instruments under the law <br />merchant. <br />Section 3. The form and tenor of said bonds, and the interest coupons <br />to be attached thereto, shall be substantially as follows, to -wit: <br />f `: <br />