Issuance and Sale of Bonds for Construction & Improvements of Sewers

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8E IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUPH 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 of the sewer 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. Sec. 2. For the purpose of providing funds with which to pay the costs of construction of said sewer project and the incidental expenses necessary to be incurred in connection with -such project and the issuance of bonds on account thereof, the City shall make a loan in the amount of One Million Dollars ($1,000,000.00). 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 1948," in the aggregate principal amount of One Million Dollars ($1,000,000.00), which bonds shall be issued in the denomination of One Thousand Dollars ($1,000.00), shall be numbered consecutively from 1 to 1000 inclusive, shall be dated as of November 1, 1948, 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 July 1, 1950, and semi - annually thereafter on January 1 and July 1 of each year, 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: $200,000.00 on July 1, 1953, and $200,000.00 on July 1 of each year thereafter to and including July 1, 1957. 2 -