Authorizing Issuance of Revenue Bonds concerning construction of Improvements to Waterworks, not to exceed $2,050,000

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week for two consecutive weeks in accordance with I.C.§5-3-1-2, in which case the date fixed for the sale shall not be earlier than fifteen (15) days after the first of such publications and not earlier than three (3) days after the second of such publications, or (ii) a notice of intent to sell bonds once each week for two weeks in accordance with I.C. §5-1-11-2 and I.C. §5-3-1-4 and in a newspaper of general circulation published in the State capital, in which case bids may not be received more than ninety (90) days after the first of such publications. Said sale notice shall state the time and place of sale, the purpose for which the 1999 Bonds are being issued, the total amount thereof, the amount and date of each maturity, the maximum rate or rates of interest thereon, their denominations, the time and place of payment, the terms and conditions upon which bids will be received and the sale made and such other information as is required by law or as the Fiscal Officer shall deem necessary. The Fiscal Officer is designated as the officer responsible for the sale of the 1999 Bonds, and shall provide or cause to be provided all notices required by law. All bids for the 1999 Bonds shall be sealed and shall be presented to the Fiscal Officer in accord with the terms set forth in the sale notice. Bidders for the 1999 Bonds shall be required to name the rate or rates of interest which the 1999 Bonds are to bear, which shall be the same for all 1999 Bonds maturing on the same date and the interest rate bid on any maturity of 1999 Bonds must be no less than the interest rate bid on any and all prior maturities, not exceeding seven percent (7%) per annum, and such interest rate or rates shall be in multiples of one hundredth of one percent. The Fiscal Officer shall award the 1999 Bonds to the bidder who offers the lowest interest cost, to be determined by computing the total interest on all the 1999 Bonds to their maturities and deducting therefrom the premium bid, if any, or adding thereto the amount of the discount, if any. No bid for less than ninety-nine percent (99%) of the par value of the 1999 Bonds, plus accrued interest, shall be considered. The Fiscal Officer may require that all bids be accompanied by certified or cashier's checks payable to the order of the City, or a surety bond, in an amount not to exceed one percent of the aggregate principal amount of the 1999 Bonds as a guaranty of the performance of said bid, should it be accepted. In the event no satisfactory bids are received on the day named in the sale notice, the sale maybe continued from day to day thereafter for a period of thirty (30) days without readvertisement; provided, however, that if said sale is continued, no bid shall be accepted which offers an interest cost which is equal to or higher than the best bid received at the time fixed for sale in the bond sale notice. The Fiscal Officer shall have full right to reject any and all bids. (ii) As an alternative to public sale, the Fiscal Officer may negotiate the sale of the 1999 Bonds to the State of Indiana or the Indiana Bond Bank at an interest rate or rates not exceeding 2.9% per annum. The Mayor and the Fiscal Officer are hereby authorized to (A) submit an application to the State of Indiana and the Indiana Bond Bank, (B) execute a purchase agreement with the Indiana Bond Bank, and (C) sell such bonds upon such terms as are acceptable to the Mayor and the Fiscal Officer consistent with the terms of this Ordinance. The Financial Assistance Agreement for the 1999 Bonds and the Project shall be executed by the City and the State of Indiana. The substantially final form of Financial Assistance Agreement attached hereto as Exhibit B and incorporated herein by reference is hereby approved by the Council, and the Mayor and Fiscal Officer are hereby authorized to execute and deliver the same, -16-