Authorizing the Issuance and Slae of Bonds for Construction and Improvements of Streets $500,000.00

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ORDINANCE NO.�( An Ordinance of the City of South Bend, Indiana, authoriz- ing the issuance and sale of bonds of said City for the purpose of providing funds to be applied on the cost of construction and improvement of streets, and expenses in- curred in connection therewith WHEREAS, the Board of Public Works and Safety of the City of South Bend has found that it would be for the best interests of said City and its citizens to provide for the construction and improvement of streets in said City, and has determined that the estimated cost of said project and the in- cidental expenses necessary to be incurred in connection therewith, including the issuance of bonds, will be in the approximate amount of Five Hundred Thousand Dollars ($500,000.00); and WHEREAS, the Board of Public Works and Safety has filed a request for an appropriation in the amount of Five Hundred Thousand Dollars ($500,000.00) for that purpose, which request has been approved by the City Controller of said City, with the recommendation that the funds necessary to cover such appropriation be obtained by the issuance and sale of general obligation bonds of the City; and WHEREAS, a petition has been filed under the provisions of Chapter 119 of the Acts of 1937 by more than fifty owners of taxable real estate in the City of South Bend, Indiana, requesting the Common Council to issue bonds in an amount not exceeding the sum of Five Hundred Thousand Dollars 0500,000.00) for the purpose of procuring funds to be applied on the cost of construction and improvement of streets, which petition the Council finds to be sufficient under the provisions of said act; and WHEREAS, the Council now finds that the construction and improvement of such streets will improve the existing street system and will be of general benefit to the City and its citizens; now therefor,