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

Home Browse Search

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 and be payable as follows: bonds of series 'Tc" in the amount of twenty thousand 020,000.00) dollars shall be payable at five (5) annual dates of July first of each year beginning with July 1, 1947, and shall bear interest at a rate not to ex- ceed five and one -half percent (5- 1 /2To), and the interest rate which shall be payable by said City on series "c" is hereby fixed at such rate not to exceed five and one -half percent (5- 1 /2jo) as nay be offered by the bidder making the bid most advantageous to said City and such most advantageous bid shall be determined by the minimum rate 4q Alnor said serieso- The first installment of interest shall be payable July it 1933, and semi - annually of each year thereafter on the first day of January and July until the bonds of this series are fully paid. SECTIO 6. The bonds of series "d" shall be two hundred N (200) in number, each of which shall be for the principal svm of five hundred ($500.00) dollars (or in such other number and denom- ination aggregating one hundred thousand (w1009000.00) dollars as the purchaser may require) and shall be dated January 29 1933, 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 and be payable as follows: bonds of,-series "d" in the amount of twenty thousand (20,000.00) dollars shall be payable at five (5) annual dates of July first of each year beginning with July 1, 1952, and shall bear interest at a -rate not to ex- ceed five and one -half percent (5- 1/2`0), and the interest rate which shall be payable by said City on series "d" is hereby fixed at such rate not to exceed five and one -half percent (5- 1 /2ao) as may be offered by the bidder making the bid most advantageous to said City and such most advantageous bid shall be determined by the minimum rate 6944-rla4 for said series The interest shall be payable -3-