Issue Revenue Bonds for Waterwork Improvements

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Bend Tribune and the South Bend Mirror, and one time in a newspaper published in the City of Indianapolis. The date fixed for the sale shall not be earlier than seven (7) days after the last of said publi- cations. The bond sale notice shall state the time and place of sale, the total amount of bonds, the maximum rate of interest thereon, the maturities thereof, the purpose for which the bonds are being issued, the terms and conditions on which bids will be received and the sale made, and shall set out such other information as the Controller, acting on the advice of the City Attorney and bond counsel, shall deem neces- sary. A11 bids for said bonds shall be sealed and shall be presented to the Controller at his office. Bidders shall be required to new the rate of interest which the bonds are to bear, not exceeding three and one -half per cent (3 -1/2 %) per annum. Such interest rate shall be in multiples of one- eighth (1/8) of one per cent (1%), and not more than one interest rate shall be named by each bidder. The Controller shall award the bonds to the highest gdalified bidder. The highest bidder shall be the one who offers the lowest interest cost to the City, to be determined by computing the total interest on all of the bonds to their maturities and deducting therefrom the premium bid, if any. No bid for less than the par value of said bonds, including accrued interest to the date of delivery, shall be considered. The Controller shall have the right to reject any and all bids, and in the event no satisfactory bids are received, the Controller shall be authorized to continue the sale from day to day for a period of thirty (30) days without readvertisement; provided, however, that if said sale be continued no bid shall be accepted which is lower than the highest bid received at the time fixed for such sale in the bond sale notice. - 11 -