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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as the purchaser may require) and shall bear date of April 2, 1932, and shall be payable July 29 1937, at the Citizens National Bank of South Bend, Indiana, or at such other bank as may be designated by the purchaser, with interest at the rate of five and one -half percent (5 -1/2 %) per annum, the first installment of which shall be payable on the second day of January, 1933, and thereafter said interest shall be payable semi - annually on the second day of July and January of each year until said bonds are fully paid. be two hur SECT_ Imo_ e bonds of Series "b" shall rlred (200) in number, each of which shall be for the principal sum of five hundred (500.00) dollars (or in such other number denom- ination aggregating one hundred thousand ($100,000.00) dollars as the purchaser may require) and shall be dated July 1, 1932, and be payable at the Citizens National Bank of South Bend, Indiana, or at such other bank as may be designated by the purchaser and shall mature as follows: bonds of series "b" in the amount of twent,# thousand ($$200000.00) dollars shall be payable at five (5) annual dates of July first of each year beginning with July 1, 1942, and shall bear interest at a rate not toVexceed five and one -half percent (5- 1/2 %), and the interest rate which shall be pay- able by said City on this series is hereby fixed at such rate not to exceed five and one -half percent (5 -1 /2o as may be offered by the bidder making the bid most advantageous to the City and such most advantageous bid shall be determined by the minimum interest rate .,. able semi - annually y, � for said series�,.The interest shall be payable on the first day of January and July of each year thereafter until said bonds are fully paid. SECTION 5. The bonds of series "e" shall be two hundred (200) in number, each of which shall be for the principal sum of five hundred ($$500.00) dollars (or in such other number and denom- ination aggregating one hundred thdusanct ($1009000.00) dollars at the purchaser may require) and shall be dated October 19 1932, and -2-