Issuance and Sale of Bonds for Construction & Improvements of Sewers

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ORDINANCE NO. ,3_ L� O 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 sewers, 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 sewers in said City, thereby improving and relieving the existingsewer system, and has de- termined that the estimated cost of said project and the incidental expenses necessary to be incurred in connection therewith, including the issuance of bonds, will be in the approximate amount of One Million Dollars ($1,000,000.00); and WHEREAS, the Board of Public Works and Safety has filed a request for an appropriation in the amount of One Million Dollars ($1,000,000.00) for said 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 sun of One Million Dollars ($1,000,000.00) for the purpose of procuring funds to be applied on the cost of construction and improvement of sewers, 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 sewers will improve and relieve the existing sewer- system, and will be of general benefit to the City and its citizens; now therefore,