Autthorizing the acquistion, construction, and installation of certain improvements and extensions to sewage works, the issuance and sale of additional revenue bonds

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Bonds shall be and are hereby set aside for application to the costs of the Project, and including all authorized costs relating thereto, including the costs of issuance of the 1998 Bonds. The authorized officers of the City are hereby authorized and directed to draw all proper and necessary warrants and to do whatever other acts and things that may be necessary or appropriate to carry out the provisions of this Ordinance. One or more series of the 1998 Bonds may, in the discretion of the Controller, be sold by public sale. In the event the 1998 Bonds are sold by public sale, prior to the sale of the 1998 Bonds, the Controller shall cause to be published a notice of intent to sell t•,vo times at least one week apart in the South Bend Tribune and the Tri-County News. The notice of such sale or a summary thereof may also be published in The Bond Buyer, a financial journal published in the City and State of New York and/or in other publications, in the discretion of the Controller. The notice must state that any person interested in submitting a bid for the 1998 Bonds may furnish in writing, at the address set forth in the notice, the person's name, address, and telephone number, and that any such person may also furnish a telex number. The notice must also state: (1) the amount of the 1998 Bonds to be offered; (2) the denominations; (3) the dates of maturity; (4) the maximum rate or rates of interest; (5) the place of sale; and (6) the time within which the name, address and telephone number must be furnished, which time must not be less than seven (7) days after the last publication of the notice. Each person so registered shall be notified of the date and time bids will be received not less than riventy-four (24) hours before the date and time of sale. The notification shall be made by telephone at the number furnished by the person, and also by telex if the person furnishes a telex number. Such notice may also include such other information as the Controller shall deem necessary. Such notice shall also provide, among other things, that each bid shall be accompanied by a certified or cashier's check or financial surety bond in an amount equal to one percent (1%) of the principal amount of the 1998 Bonds to guarantee performance on the part of the bidder, and that in the event the successful bidder shall fail or refuse to accept delivery of and pay for the 1998 Bonds as soon as the 1998 Bonds are ready for delivery, or at the time fixed in the notice of intent to sell, then such check or financial surety bond and the proceeds thereof shall become the property of the City and shall be considered as the City's liquidated damages on account of such default. All bids for 1998 Bonds sold at public sale shall be sealed and shall be presented to the Controller at the Controller's office, and the Controller shall continue to receive all bids offered -13- :ODMA\PCDOCS\SBDOCS 1 \ 1494'T3