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Issue Revenue Bonds for Waterwork Improvements
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Issue Revenue Bonds for Waterwork Improvements
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4/2/2015 12:16:42 PM
Creation date
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1948
Ord-Res Number
3679-48
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Bend Tribune and the South Bend Mirror, and one time in a newspaper <br />published in the City of Indianapolis. The date fixed for the sale <br />shall not be earlier than seven (7) days after the last of said publi- <br />cations. The bond sale notice shall state the time and place of sale, <br />the total amount of bonds, the maximum rate of interest thereon, the <br />maturities thereof, the purpose for which the bonds are being issued, <br />the terms and conditions on which bids will be received and the sale <br />made, and shall set out such other information as the Controller, acting <br />on the advice of the City Attorney and bond counsel, shall deem neces- <br />sary. <br />A11 bids for said bonds shall be sealed and shall be presented <br />to the Controller at his office. Bidders shall be required to new the <br />rate of interest which the bonds are to bear, not exceeding three and <br />one -half per cent (3 -1/2 %) per annum. Such interest rate shall be in <br />multiples of one- eighth (1/8) of one per cent (1%), and not more than <br />one interest rate shall be named by each bidder. The Controller shall <br />award the bonds to the highest gdalified bidder. The highest bidder <br />shall be the one who offers the lowest interest cost to the City, to be <br />determined by computing the total interest on all of the bonds to their <br />maturities and deducting therefrom the premium bid, if any. No bid for <br />less than the par value of said bonds, including accrued interest to the <br />date of delivery, shall be considered. The Controller shall have the <br />right to reject any and all bids, and in the event no satisfactory bids <br />are received, the Controller shall be authorized to continue the sale <br />from day to day for a period of thirty (30) days without readvertisement; <br />provided, however, that if said sale be continued no bid shall be accepted <br />which is lower than the highest bid received at the time fixed for such <br />sale in the bond sale notice. <br />- 11 - <br />
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