Ordinance Concerning Public Parks in City of South Bend

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ear, . eg t i on the firet. day of January of the second year moth"io*tng tole es e of their issue; Provided, 'That if said bond June shall be made in any calendar year, after the date of the annual tax levy, then the first band sba11 mature on the first day of January of the third succeeding year thereafter, and the balance of the bonds at the regular intervals hereinabove provided. Said bonds snail: be negotiable 64 inland bills of erabauge, and 3 .all bear interest at a rate not exceeding four end one-baif per sent per annum payable semi-anaually,on the Lint clay of Jarman- and July of each year the first interest to ne payable on the first eaay of July preceding the :a;aterity of the first series of such bonds. On adopting a reseluta.oa ordering such bondds, notch beard shall certify a copy of thensante to the city controller of seen city of the first class wherein such park district is located, who shall thereupon prepare such bonds and the same shall be executed. by the flyer t3f suoht city and attested by the city controller. Such bonds shell be exempt from taxation fox any stab all putposea. All bonds so issued by satd board shall be sold at not less than par, atsd accrued interes% to date of delivery, by the city controller to the ntgseat bidder therefor after giving nuance of sale Of such bonds by publication in two newspapers of the largest general circulation printed and published in the city where said bonds aro sold, ; /itch publication shall be 4ade not less than fifteen days prior to the date fixed for the sale od acid bonds. It shall beunlawful for euch board of park commissioners to cause to be issued under this seotic tt of this act, any bonds of such park district payable by special taxation when the' total issue" for ie that purpose, including t bondsQallreeadycissued oorttio bent tie�eseset1* excess of these fourths (3/4) valuation of the property within such. ;lark district, and all bonds or obligations issued in violations of tilts provision shall be void, Such bonds *all not in any respect is corporate obligation of indebtedness of such city, but shall be and constitute an indebtedness of such park district e$ a special taxing 'ant* district, and said bonds and interest thereon sballbe pay-able only out fta epecieart tax ded, levied upon all property of such park in and said bonds shall so recite such terms upon their face, together with the purpose ear which they are issued, Provided, However, That said b-)And of per comU s$ioners shall bate the right instead of selling said bones a s. series as above provided, to sell bonds to run for a period of live years, from date thereof for the purposes as pros vided in said act for work heretofore or hereafter commenced, at a rate of interest not to exceed six per cent per annum payable seal- einnually; said five year bowie to be free from taxation for any end all purposes. Said. Board of perk commissioners shall have the right to sell bonds in series as provided in the act of which this is vnendetory, for the purpose of refunding said five year bonds. 26. All proceeds froth the sake of such bonds, issued under and pursuant to section 25 of this act, shall be kept ae a separate sad specific fund, to flay for the cost of laud and other property acquired and of the cost of construction of such work under such resolution., arid all costs and expenses incurred in connection theresith, as herein provided, and no part of the same shall be used for any ether purpose whatsoever. Such fund shall be depositeee at interest, with the depose* story. or depositories of other public funds of ash city, end all it-` serest__-collected teet$fose shall; belong to Vale fend. Any war pies of funds xemintng out of the proceeds of such bends, ear, at of said ants and expense are tall paid, shall be paid tam; est b , a part of Os park distsist bond fund as in this prat sehe ee} $s N3:ffi•