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HomeMy WebLinkAboutAuthorizing the Issuance and Sale of Bonds of said City in Order to Provide Funds for the Acquisition of land as a Site or SitesORDINANCE No. 4766 - -65 Passed by the Common Council of the City of South Bend, 1 /1' Presented by me to the Mayor of the City of South Bend, Indiana Clerk of Common Council Clerk IUEAL.41MRIo PRESS ORDINANCE NO. '7 % 6 L - -X/, 5 An Ordinance of the City of South Bend, Indiana authorizing the issuance and sale of bonds of said City in order to provide funds for the acquisition of land as a site or sites for, and the construction, furnishing and equipment of, a building or buildings as a centralized city facility to house various departments, offices and branches of city government and also to provide for the housing and maintenance of city equipment of the City of South Bend, Indiana; together with the incidental expenses to be incurred in connection therewith. WHEREAS, the Board of Public Works and Safety of the City of South Bend, Indiana has found that it would be for the best interests of said City and its citizens to provide funds for the acquisition of land as a site or sites for, and the construction, furnishing and equipment of, a building or buildings as a centralized city facility to house various departments, offices and branches of city government and also to provide for the housing and maintenance of city equipment of the City of South Bend, Indiana; together with the incidental expenses in connection with the foregoing and on account of the issuance of bonds therefor; and has determined that the estimated cost thereof and the incidental expenses necessary to be incurred in connection therewith, including the issuance of bonds, will be in the approximate amount of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000); and WHEREAS, the Board of Public Works and Safety has filed a request for an appropriation in the amount of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) for said purposes, which request has been approved by the City Controller with the recommendation that the funds necessary to cover such appropriation be obtained by the issuance and sale of general obligation bonds of the City; and WHEREAS, a petition has been filed under the provisions of Chapter 119 of the Acts of 1937, as amended, by more than fifty (50) owners of taxable real estate in the City of South Bend, Indiana requesting the Common Council to issue bonds in an amount not exceeding ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) for the purpose of procuring funds to be applied on the cost of the projects hereinbefore described; and -1- WHEREAS, the Council now finds that the acquisition of such land and the construction, furnishing and equipment of such buildings are necessary and will be of general benefit to the City and its citizens; NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: Section 1. That the City of South Bend (hereinafter sometimes referred to as the "City"), by and through its Board of Public Works and Safety, take steps for the acquisition of land as a site or sites for, and the construction, furnishing and equipment of, a building or buildings as a centralized city facility to house various departments, offices and branches of city government and also to provide for the housing and maintenance of city equipment of the City of South Bend, Indiana, as recommended by the Board of Public Works and Safety. Section 2. For the purpose of providing funds with which to pay the cost of said projects and the incidental expenses necessary to be incurred in connection therewith, the City shall make a loan in the amount of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000). In order to procure said loan, the City Controller is hereby authorized and directed to have prepared and to issue and sell the negotiable general obligation bonds of the City, to be designated as "Municipal Bonds of 1965 ", in the aggregate principal amount of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000), which bonds shall be issued in the denomination of Five Thousand Dollars ($5,000), shall be numbered consecutively from 1 to 300 inclusive, shall be dated as of the first day of the month in which said bonds are sold, and shall bear interest at a rate not exceeding four per cent (4%) per annum (the exact rate to be determined by bidding), which interest shall be payable on June 1, 1966, and semi - annually thereafter on December 1, and June 1, of each year, and shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable at the First Bank and Trust Company of South Bend, South Bend, Indiana, in lawful money of the United States of America. The bonds shall mature serially in the amounts and on the dates as follows: -2- $ 25,000 25,000 25,000 25,000 50,000 50,000 50,000 50,000 75,000 75,000 75,000 75,000 100,000 100,000 100,000 100,000 125,000 125,000 125,000 125,000 on June 1st, 1966 on December lst, 1966 on June 1st, 1967 on December lst, 1967 on June lst, 1968 on December lst, 1968 on June lst, 1969 on December 1st, 1969 on June 1st, 1970 on December 1st, 1970 on June lst, 1971 on December lst, 1971 on June 1st, 1972 on December lst, 1972 on June 1st, 1973 on December lst, 1973 on June lst, 1974 on December lst, 1974 on June lst, 1975 on December lst, 1975 Said bonds shall be signed in the name of the City of South Bend, Indiana by the Mayor, countersigned by the City Controller, and attested by the City Clerk who shall affix the seal of the City to each of said bonds. The interest coupons attached to said bonds shall be executed with the facsimile signature of the City Controller and said official, by the countersigning of said bonds, shall adopt as and for his own proper signature his facsimile signature appearing on said coupons. Said bonds shall, in the hands of bona fide holders, have all of the qualities of negotiable instruments under the laws of the State of Indiana. Section 3. The form and tenor of said bonds and the interest coupons to be attached thereto shall be substantially as follows, to -wit: UNITED STATES OF AMERICA State of Indiana County of St. Joseph No. $5,000 CITY OF SOUTH BEND MUNICIPAL BOND OF 1965 The City of South Bend, County of St. Joseph, Indiana, for value received, hereby acknowledges itself indebted and promises to pay to the bearer hereof the principal amount of FIVE THOUSAND DOLLARS on the first day of ,19—,and to pay interest thereon from the date hereof until the principal is paid, at the rate of per cent ( %) per annum, payable on the first day of june, 1966, and semi - annually thereafter on the first days of December and June in each year, upon presentation and surrender of the annexed coupons as they severally become due. -3- Both principal and interest of this bond are payable in lawful money of the United States of America at the First Bank and Trust Company of South Bend, South Bend, Indiana. This bond is one of an authorized issue of three hundred (300) bonds of the City of South Bend, Indiana, of like date, denomination, tenor and effect, except as to dates of maturity, aggregating ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000), numbered consecutively from 1 to 300, inclusive, issued for the purpose of providing funds for the acquisition of land as a site or sites for, and the construction, furnishing and equipment of, a building or buildings as a centralized city facility to house various departments, offices and branches of city government and also to provide for the housing and maintenance of city equipment of the City of South Bend, Indiana; together with the incidental expenses in connection with the foregoing and on account of the issuance of bonds therefor, pursuant to an ordinance adopted by the Common Council of said City on the day of , 1965 entitled "An Ordinance of the City of South Bend, Indiana authorizing the issuance and sale of bonds of said City in order to provide funds for the acquisition of land as a site or sites for, and the construction, furnishing and equipment of, a building or buildings as a centralized city facility to house various depart- ments, offices and branches of city government and also to provide for the housing and maintenance of city equipment of the City of South Bend, Indiana; together with the incidental expenses to be incurred in connection therewith ", and an act of the General Assembly of the State of Indiana entitled "An Act concerning municipal corporations ", approved March 6, 1905, and all acts amendatory thereof and supplemental thereto, including Chapter 119 of the Acts of 1937, as amended. It is hereby certified and recited that all acts, conditions, and things required to be done precedent to and in the execution, issuance and delivery of this bond have been done and performed in regular and due form as provided by law; that this bond and said total issue of bonds is within every limit of indebtedness prescribed by the constitution and laws of the State of Indiana, and that the full faith and credit of the City of South Bend, together with all of its taxable property, both real and personal, are hereby irrevocably pledged to the punctual payment of the principal and interest of this bond according to its terms. IN WITNESS WHEREOF, the City of South Bend, St. Joseph County, Indiana, by ordinance of its Common Council has caused this bond to be signed in its corporate name by its Mayor, countersigned by its City Controller, its corporate seal to be hereunto affixed and attested by its City Clerk, and the interest coupons hereto attached to be executed by placing thereon the facsimile signature of said City Controller as of the first day of ,1965. ATTEST: ty Clerk -4- THE CITY OF SOUTH BEND, INDIANA Countersigned: Mayor City Controller (Interest Coupon) Coupon No. $ On 19_,the City of South Bend, Indiana, will pay to bearer at the First Bank and Trust Company of South Bend, South Bend, Indiana Dollars in lawful money of the United States of America, being the interest then due on its Municipal Bond of 1965 dated ,1965. THE CITY OF SOUTH BEND, INDIANA By (Facsimile) City Controller Section 4. As soon as can be done after the passage of this ordinance, the City Clerk shall give notice of the filing of the petition for the issuance of and the determination to issue bonds. Said notice shall be published once each week for two (2) weeks in the South Bend Tribune and the Tri- County News, the same being newspapers published in the City of South Bend, Indiana and representing the two (2) leading political parties, and copies of said notice shall also be posted in three (3) public places in the City, as provided by Section 64 -1910 and Section 64 -1915 Burns Indiana Statutes 1961 Replacement. Said bonds shall not be advertised for sale prior to the expiration of the period during which taxpayers may file remonstrances or objecting petitions to the issuance of said bonds. In the event a remonstrance shall be filed by the owners of taxable real estate under the provisions of Section 64 -1910 Burns Indiana Statutes 1961 Replacement, then no further steps towards the issuance of said bonds shall be taken unless and until the Common Council shall have determined that such remonstrance is insufficient. In the event an objecting petition or petitions are filed by taxpayers under the provisions of Section 64 -1915 Burns Indiana Statutes 1961 Replacement, then no further steps towards the issuance of said bonds shall be taken unless and until the State Board of Tax Commissioners shall issue its order approving the issuance of said bnnds. In the event it shall be determined by the State Board of Tax Commissioners, or otherwise, that the whole amount of the bonds herein authorized shall not be issued, then the City Controller shall be authorized to advertise and sell a lesser amount of bonds, and the bonds not issued and sold shall be the bonds of the longest maturity or maturities. -5- Section 5. Prior to the sale of said bonds the City Controller shall cause to be published a notice of such sale once each week for two (2) weeks in the said South Bend Tribune and the Tri- County News. Prior to the sale of said bonds the City Controller shall also cause to be published a notice of such sale once each week for two (2) weeks in the Indianapolis Commercial. The date fixed for the sale shall not be earlier than seven (7) days after the last of said publications. Said bond sale notice shall state the time and place of sale, the purpose for which the bonds are being issued, the total amount thereof, the maximum rate of interest thereon, the time and place of payment, the terms and conditions on which bids will be received and the sale made, and such other information as the City Controller shall deem necessary. All bids for said bonds shall be sealed and shall be presented to the City Controller at his office, and said Controller shall continue to receive all bids offered until the hour named on the day fixed in the bond sale notice, at which time and place he shall open and consider said bids. Bidders for said bonds shall be required to name the rate of interest which the bonds are to bear, not exceeding four per cent (4%) per annum, and such interest rate shall be in multiples of one- eighth (1 /8th) of one per cent (L), and not more than one interest rate shall be named by each bidder. The Controller shall award the bonds to the highest responsible and qualified bidder. The highest bidder shall be the one who offers the lowest net interest cost to the City, computing the total interest on all of the bonds to their maturities and deducting therefrom the premium bid, if any. No bid for less than the par value of said bonds, including accrued interest at the rate named to the date of delivery, shall be considered. The Controller shall have full right to reject any and all bids. In the event no acceptable bid is received at the time fixed in said notice for the sale of said bonds, the Controller shall be authorized to continue to receive bids from day to day thereafter for a period of not to exceed thirty (30) days, without readvertising, but during such continuation no bid shall be accepted which is lower than the highest bid received at the time fixed for such sale in the bond sale notice. -6- Prior to the delivery of said bonds the City Controller shall be authorized to obtain a legal opinion as to the validity of said bonds from Ice, Miller, Donadio & Ryan, bond counsel of Indianapolis, Indiana, and to furnish such opinion to the purchaser of said bonds. The cost of said opinion shall be considered a part of the cost of said projects, and shall be paid out of the proceeds of said bonds. Section 6. The City Controller is hereby authorized and directed to have said bonds and coupons prepared, and the Mayor, City Controller and City Clerk are hereby authorized and directed to execute said bonds and the interest coupons to be attached thereto in the form and manner herein provided. .After said bonds have been properly executed the City Controller shall deliver the same to the City Treasurer, and shall take his receipt therefor, and upon the consummation of the sale of said bonds the City Controller shall then certify to the City Treasurer the amount which the purchaser is to pay for the same; thereupon, the City Treasurer shall be authorized to receive from the purchaser the amount so certified by the Controller and to deliver the bonds to such purchaser. Section 7. This ordinance shall be in full force and effect immediately upon its passage and signing by the Mayor. i Member Isi & 2nd READING Io --a 3 - G S COP!!!ITTEE OF THE WHOLE HEARING 3rd EE 3rd READii;G 6 'a `3 NOT A�FROVED REFERRED u PASSED — a 3 S� -7- Passed and adopted by the Common Council of the City of South Bend, on the 23rd day of .tune 1965. John L. Hunter, President ATTEST: /KathW L. Blough, City lerk Presented by me to the Mayor of the City of South Bend on the 23rd day of June 11965, at the hour of 9:30 A M. Kath n L. Blough Aty Clerk This ordinance approved and signed by me on the 23rd day of June , 1965, at the hour I, the undersigned, Kathryn L. Blough, the duly elected and acting Clerk of the Municipal City of South Bend, Indiana, do hereby certify that the above and foregoing instrument is a true, accurate and complete copy of a Bond Ordinance of said City which was passed by the South Bend Common Council on the 23rd day of June ,1965, and which was presented by me to the Mayor on the 23rd day of - T,..,o ,1965, and was by him approved on said June 23rd, 11965. I further certify that said Ordinance is in full force and effect and has not been amended or repealed. ri `y- . _ Dated this 23rd day of June 11965. TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: The Board of Public Works and Safety of the City of South Bend, Indiana has requested an appropriation in the amount of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) to provide funds for the acquisition of land as a site or sites for, and the construction, furnishing and equipment of, a building or buildings as a centralized city facility to house various departments, offices and branches of city government and also to provide for the housing and maintenance of city equipment of the City of South Bend, Indiana; together with the incidental expenses in connection with the foregoing and on account of the issuance of bonds therefor. I recommend that said appropriation be made, and I am submitting herewith for consideration of the Council a form of ordinance authorizing such appropriation. In order to provide funds to meet said appropriation it will be necessary to authorize, issue and sell bonds of the City of South Bend in the amount of ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000), and I am submitting herewith a form of ordinance drawn for that purpose. Dated this V5-/—day of June, 1965. Respectfully submitted, City Cont oller li ilJ KA.IHRYN i. SLOUGH CITY CLERK, SOUTH BE1 \D, IND,