Authorizing the Issuance & Sale of General Purpose Bonds $590,000.00

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ORDINANCE NO. a 673 6 `.AN ORDINANCY AUTHORIZING THE ISSUANCE AND SALE OF GENERAL Indiana: SECTION 1. - - -- -000 BE IT ORDAINED by the Common Council of the City of South Bend, That General Purpose Bonds in the sum of Five Hundred and Ninety Thousand Dollars ($590,000.00) be issued and sold by the City of South Bend, Indiana, as hereinafter provided, the proceeds of which shall be used for general purposes of said City. SECTION 2. Said Bonds shall be give Hundred and Ninety (590) in number, each of which shall be for the principal sum of One Thousand Dollars ($1,000.00) and shall bear date of September let, 1931 and shall be payable twenty (20) years after date, 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 Three and Three- quarters Percent (3�) per annum, payable semi- annually on March 1st and Septemberlst of each year thereafter, until said bonds are fully paid. Each of said bonds shall be signed by the Mayor and countersigned by the City Controller. SECTION 3. Each of said bonds shall contain substantially the following provisions and be in the following form, to -wit: UNITED STATES OF AMERICA STATE OF INDIANA NO. CITY OF SOUTH BEND $10000.00 GENERAL PURPOSE BOND KNOW ALL MEN BY THESE PRESENTS: That the City of South Bend, in the County of St. Joseph and State of Indiana, is indebted to and promises to pay the bearer, One Thousand Dollars ($1,000.00) in lawful moneyof the United States of America, twenty years after date, on the first day of September, 1951, with in- terest at the rate of Three and Three- quarters per cent (W,,o) per annum, payable semi - annually upon the first day of lurch and September of each year upon presentation and delivery of the proper coupons hereto attached, bearing the fac- simile signature of the City Controller. Both principal and interest of this bond are payable at the Citizens National Bank of South Bend, Indiana. And the City of South Bend is hereby firmly bound, and its faith and credit and all the real and personal property of said City, are hereby -la