Authorizing the Borrowing of $50,000 for Purpose of Defraying City's Portion of Expense for Aquiring Right-of-Way

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r r i y 0 RD INAN CE % ORDINANCE AUTHORIZING THE BORROHING OF $50,000 FOR THE PURPOSE OF DEFRAYING THE CITYtS PORTION OF THE EXPENSE OF ACQUIRING A RIGHT- OF -1;4AY FJHICH VJTOULD OPEN THE TERRITORY OF NORTH MICHIGAN STREET FROM NORTH SHORE DRIVE NORTH TO THE CITY LIMITS OF SOUTH BEND, AND THE SALE OF BONDS THEREFOR. Section 1. Be it ordained, by the common council of South Bend., that said city borrow the sum of Fifty Thousand. (l ?50,000.00) Dollars for the purpose of acquiring the riQht- of-way which would open the territory of North Michigan Street in the city of South Bend. from North Shore Drive North to the City Limits. Section 2. That in ord1 er to procure said loan the bonds of said city be isslaea tojt�he, amount of Fifty Thou - J LAJ sand 0502000.00) Dollars in denomination of One Thousand (01,000.00) Dollars each, bearing four per cent. (4 %) in- S?MI — terest, payable ,,annually, evidenced by a coupon for each year's interrest, signed by the mayor and. countersigned, by the Ca/a"pef s id city, and sealed with the seal of said city, all of which shall become due in ten years. Section 3. Said bond3 shall be sold. by sealed, bids to the highest bidder for cash, and upon payment therefor shall be delivered to said. bidder. Section 4. This ordinance shall be in force from and after its passage and legal publication. Member of the Common Council. I recommend the passage of the foregoing ordinance. City Controller.