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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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9951-09 Authorizing the aquisitions, constructions and installation of certain improvements and extensions
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Last modified
12/3/2009 11:51:05 AM
Creation date
8/20/2009 12:22:25 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/10/2009
Ord-Res Number
9951-09
Bill Number
56-09
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appropriate for such purpose, in conformity with and subject to the requirements and conditions <br />set forth in this Ordinance and in the Act. <br />Section III. The Bonds. In accordance with the Act and for the purpose of <br />providing funds with which to pay the costs of the Project, together with all authorized costs <br />relating thereto including the costs of issuance of the Bonds, as hereinafter defined, on account <br />thereof, and refunding the BANS, if any, described below, the City shall issue and sell its sewage <br />works revenue bonds in the aggregate principal amount not to exceed Four Million Six Hundred <br />Thousand and 00/100 Dollars ($4,600,000.00) (the "Bonds"). The principal of, redemption <br />premium, if any, and interest on the Bonds shall be payable, on a parity basis with the Prior <br />Bonds solely out of the Sewage Works Sinking Fund referred to below. <br />The Bonds shall be issued and designated as the "City of South Bend, Indiana, <br />Sewage Works Revenue Bonds of 20_" (with the blank to be filled in with the last two digits <br />of the calendar year in which such series of the Bonds is issued, with an appropriate series <br />designation in the event more than one series of Bonds is expected to be issued in such calendar <br />year). Each series of Bonds shall be issued as fully registered bonds in denomination or <br />denominations of Five Thousand Dollars ($5,000) and .any integral multiples thereof not <br />exceeding the aggregate principal amount of such Bonds maturing in any one (1) year, or in the <br />event that the Bonds are sold to the Bond Bank or to the Authority pursuant to Section VIII of <br />this Ordinance, shall be in multiples of One Dollar ($1). The Bonds shall be numbered <br />consecutively from 20 R-1 (with the blank to be filled in with the last two digits of the calendar <br />year in which such series of the Bonds is issued, with an appropriate series designation in the <br />event more than one series of Bonds is expected to be issued in such calendar year) upward and <br />shall bear interest at a rate or rates not exceeding five percent (5.0%) per annum (or at the rate <br />-6- <br />BDDBOI 5738468v1 <br />
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