Authorizing City of South Bend to Borrow $400,000.00 and to Issue ans Sell Bonds fro Purpose of Providing Funds for Payment of City's Part of Expense of Track Elevation

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ORDINANCE N0. ol 97f WHEREAS, under authority of Char 36 of the Acts of the General Assembly of the State of Indiana for the year 1923 and laws supplemental thereto and amendatory thereof, pro- ceedings have been completed for the purpose of track elevation in the City of South Bend pursuant to Grade Separation Resolution No. 5 confirmedlaiM modified,,by the Board of Public Works of said City April 1, 1930, which resolution the Common Council of said City did approve by ordinance No. 2851 duly adopted on the 23rd day of April, 1930; and, AREAS, contracts have been entered into by said City with the railroads affected by such proposed project and it is necessary to provide funds f or the payment of the Oity's portion of such track elevation project. THEREFORE,BE IT ORDAINED BY THE C012-TON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: SECTION 1. That the City of South Bend, Indiana, is hereby authorized to borrow four hundred thousand (4009000.00) dollats for the purpose of paying the City's part of costs of track elevation in said City as above said. SECT_ ION 2. That in order to borrow said sum, General purpose Bonds of the City of South Bend, Indiana, shall be issued and sold in four (4) parcels to be designated as Series, "a ", "V" "o" and "d" respectively, as hereinafter provided. SECTION 3. The bonds of Series "a" shall be two hundred (200) in number, each of which shall be for the principal sum of five hundred ($500.00) dollars (or in such other number and thousand 0100,000.00) dollars denomination aggreating one hundred