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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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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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8/19/2015 11:17:43 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/8/1932
Ord-Res Number
2978-32
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SECTION 8. That the interest coupons attahhed to <br />said bonds shall bear the fac- simile signature of the City <br />Controller of said City and such f ac- simile signature shall be as <br />effective 43 if signed VAnually by the said City Controller and <br />such coupons shall be substantially in the following form, to -wit: <br />INTEREST COUPON <br />Series No.---"` —" <br />On the day of 19, the City of <br />South BnT,_Tndiana, wi 1 pay to the bearer __ <br />e — <br />Dollars in lawful money oi_Ti <br />United ates of America, at the Citizens National Bank, <br />South Bend, Indiana, being six months dinterest due on <br />the General Purpose Bond No* <br />ONTROI,I,EK OF Q-L Y r SOUTH BEND <br />SECTION 99 Each of said series shall be advertised <br />and sold separately so that the sale thereof may be completed at <br />a time approximate to the date the bonds thereof bear, as may be <br />convenient to the City Controller. The City Controller shall give <br />notice of the time and terms of sale of each series of said bonds <br />by advertising each proposed sale one day each week for two (2) <br />consecutive weeks in the South Bend News -Times and South Bend <br />Tribune, both of South Bend, Indiana, and one publication, at least <br />one (1) week prior to date of sale, in the Indianapolis Times of <br />Indianapolis, Indiana. <br />SECTION 10. The bonds of Series "a" hereto shall be sold <br />by the City Controller to the highest and best bidder for cash and <br />for not less than their par value and the bonds of each of the re- <br />maining series shall be sold to the bidders offering the most favor- <br />able interest rate to the CiPy as hereto fore provided and for not <br />less than par value, the City reserving the right to reject any and <br />all bids. The purchaser shall pay any accrued interest on said <br />blinds, and all bids shall be required to be accompanied by a <br />certified check of the bidder payable to the City of South'Bend, <br />Indiana, for one percent of the amount of such bid and which check <br />-5- <br />
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