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

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BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. That the City of South Bend, Indiana (hereinafter some- times referred to as the "City ") by and through its Board of Public Works and Safety, proceed with the construction and improvement of the street project hereinbefore referred to, in accordance with such plans and specifications which have been and may hereafter be approved by the Board of Public Works and Safety. Section.2. For the purpose of providing funds with which to pay the costs of construction and improvement of said street project and the incidental expenses necessary to be incurred in connection with such project and the is- suance of bonds on account thereof, the City shall make a loan in the amount of Five Hundred Thousand Dollars ($500,000.00). In order to procure said loan the City Controller is hereby authorized and directed to have prepared and to issue and sell the negotiable, direct obligation bonds of the City to be designated as "City of South Bend, Municipal Bonds of 1951 ", in the aggregate principal amount of Five Hundred Thousand Dollars ($500,000.00), which bonds shall be issued in the denomination of One Thousand Dollars (91,000.00), shall be numbered consecutively from 1 to 500 inclusive, shall be dated as of June 1, 1951, and shall bear interest at a rate not exceeding four per cent (4%) per annum (the exact rate to be determined by bidding), which interest shall be payable on June 1, 1952, and semi - annually thereafter on December 1 and June 1 of each years and shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable at the office of the City Treasurer in the City of South Bend, Indiana,, in lawful money of the United States of America. The bonds shall mature serially in the amounts and on the dates as follows: 950,000.00 on June 1, 1952; 950,000.00 on June 1st of each year thereafter to and including June 1, 1957; $100,000.00 on June 1, 1958 and 9plOO.000.00 on June 1, 1959. Said bonds shall be signed in the name of the City of South Bend by the Mayor of said City, countersigned by the City Controller, and attested by the City Clerk who shall affix the seal of said City to each of said bonds. The interest coupons attached to said bonds shall be executed with the facsimile -2-