HomeMy WebLinkAboutAuthorizing the issuance and sale of bonds in order to provide funds for application on the cost of the payment and redemption of certificates of indebtedness issued by the City in payment of the City's share of street and alley intersection assessmentsORDINANCE No. 4501 - - -62
Passed by the Common Council of the City of South Bend,
SEPTEMBER 10,
62
19
Presented by me to the Mayor of the City of South Bend, India.
SEPTEMBER 11,
Approved and signed by
62
Clerk
of Common Council
SEPTEMBER
62
Clerk
IDEAL PRESS
FILED IN CLERK'S OFFICE
SEP 16
O R D I N A N C E N 0.�/!� /��.
An Ordinance of the City of South Bend, Indiana,
authorizing the issuanceand sale of bonds of
said City in order to provide funds for applica-
tion on the cost of the following: to provide-
for payment and redemption of certificates of
indebtedness issued by the City in payment of
the City's share of street and alley intersec-
tion assessments imposed for improvement of
streets and alleys under the Barrett Law;, acqui-
sition of right -o£ -way in connection with the
construction of a new Sample Street bridge;
general repair of streets in the Spring of 1963;
paving of Voorde Drive in the Industrial Park
and the paving and improving of Chapin, Sample
and Scott Streets in the Chapin Street Redevelop -
ment -erea; construction of storm sewer at Michigan
Street and St. Joseph River; construction of com-
bined sanitary and storm sewers at points east
of Miami Street from Scottsdale Addition South to
Jackson Road;; construction of thirty -six inch
(36 ") storm sewer crossing only at Mishawaka
Avenue between Emerson and Roberts Streets; con-
struction of storm sewer at 31st Street and
Mishawaka Avenue; paving and improving of Portage
Avenue from Elwood Avenue to Navarre Street and
from Lathrop Avenue to Colfax Avenue ;: and the
construction of storm sewer crossing only at
Portage Avenue between Vassar Avenue and Humboldt
Street; 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 has found that it would be for the best interests of
said City and its citizens to provide for payment and redemption of
certificates of indebtedness issued by the City in payment of the
City's share of street and alley intersection assessments imposed
fbr improvement of streets and alleys under the Barrett Law; to
acquire right of way in connection with the construction of a new
Sample Street bridge; make general repairs of streets in the
Spring of 1963; pave Voorde Drive and pave and improve Chapin,
Sample and Scott Streets in the Chapin Street Redevelopment area,
and pave and improve Portage Avenue from Elwood Avenue to Navarre
Street and also from Lathrop Avenue to Colfax Avenue; construct
storm sewers at Michigan Street and St. Joseph River and at 31st
Street and Mishawaka Avenue; construct storm sewer crossings at
Mishawaka Avenue between Emerson and Roberts Streets and at Portage
Avenue between Vassar Avenue and Humboldt Street, and construct
combined sanitary and storm sewers at a point East of Miami Street
from Scottsdale Addition South to Jackson Road; and has determined
that the estimated cost of said projects and the incidental expenses .
necessary to be incurred in connection therewith, including engineer-
ing, surveys and the issuance of bonds, will be in the approximate
amount of One Million Dollars ($1,000,000);. and
WHEREAS, the Board of Public Works and Safety has filed a request
for an appropriation in
purposes, which request
the recommendation that
tion be obtained by the
bonds of the City; and
WHEREAS, a petitioi
the amount of One Million Dollars for said
has been approved by the City Controller with
the funds necessary to cover such appropria-
issuance and sale of general obligation
i has been filed under the provisions of
Chapter 119 of the Acts of 1937 by more than fifty (50) owners of
taxable real estate in the City of South Bend, requesting the Common
Council to issue Bonds in an amount not exceeding One Million Dollars
(1,000,000) for the purpose of procuring funds to b e applied on the
cost of the projects hereinbefore described ;; and
WHEREAS, the Council now finds that the construction of such
improvements and acquisition of such rights -of -way 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 to improve streets and alleys and to provide
for payment and redemption of certificates of indebtedness issued by
the City in payment of the Cityts share of street and alley inter-
section assessments imposed for improvement of streets and alleys
under the Barrett Law; to acquire right of way in connection with the
construction of a new Sample Street bridge; make general repairs of
streets in the Spring of 1963; pave Voorde Drive and pave and improve
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Chapin, Sample and Scott Streets in the Chapin Street Redevelopment
area, and pave and improve Portage Avenue from Elwood Avenue to
Navarre Street and also from Lathrop Avenue to Colfax Avenue; con-
struct storm sewers at Michigan Street and St. Joseph River and at
31st Street and Mishawaka Avenue; construct storm sewer crossings
at Mishawaka Avenue between Emerson and Roberts Streets and at Portage
Avenue between Vassar Avenue and Humboldt Street, and construct com-
bined sanitary and storm sewers at a point East of Miami Street from
Scottsdale Addition South to Jackson Road, 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 Dollars ($12000,000). 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 obligations bonds
of the City, to be designated as "Municipal Bonds of 1962s in the
aggregate principal amount of One Million Dollars ($1,000,000), which
bonds shall be issued in the denomination of One Thousand Dollars
01000), shall be numbered consecutively from 1 to 1000 inclusive,
shall be dated as of the first day of the month in which said bonds are
sold, and shall bear interest at a rate not exceeding four (4%) per
cent per annum (the exact rate to be determined by bidding), which
interest shall be payable on June 1, 1963, and semi - annually thereafter
on December 1, and June 4 of each year, and shall be evidenced by
coupons attached to said bonds. Both bonds and interest coupons shall
be payable at the St. Joseph Bank and Trust Company, South Bend, Indiana,
in lawful money of the United States of America. The bonds shall mature
serially in the amounts and on the dates as follows«
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$ 25,000 on June 1st, 1963;
25,000 on December 1st, 1963$"
25,000 on June 1st, 1964;
25,000 on December 1st, 1964;
25,000 on June 1st, 1965;
25000 on December 1st, 1965;
25,000 on June 1st, 1966;
25,000 on December lst, 1966;
175,000 on June 1st, 1967;
175,000 on December lst, 1967;
225,000 on June 1st, 1968;
225,000 on December 1st, 1968;
Said bonds shall be signed in the name of The City of South Bend
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 law merchant.
Section 3. The form and tenor of said bonds and the interest
coupons to be attached thereto shall be substantially as follows,
to -wit:
No.
UNITED STATES OF AMERICA
State of Indiana
County of St. Joseph
$1,000
CITY OF SOUTH BEND
MUNICIPAL BOND OF 1962
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
ONE THOUSAND DOLLARS
on the first day of
thereon from the date hereof
of per cent
first day of June, 1963, and
of December and June in each
the annexed coupons as they
19 , and to pay interest
until the principal is paid, at the rate
( %) per annum, payable on the
semi - annually thereafter on the first days
year, upon presentation and surrender of
severally become due.
Both principal and interest of this bond are payable in lawful
money of the United States of America at the St. Joseph Bank and
Trust Company, South,Bond, Indiana.
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This bond is one of an authorized issue of one thousand (1,000 -)
bonds of the City of South Bend, Indiana, of like date, denomination,
tenor and effect, except as to dates of maturity, aggregating One
Million Dollars ($1,000,000), numbered consecutively from 1 to 1000,
inclusive, issued for the purpose of providing funds to be applied to
the payment and redemption of certificates of indebtedness issued by
the City in payment of the City's share of street and alley intersec-
tion assessments imposed for improvement of streets and alleys under
the Barrett Law, repairing streets, paving and improving of streets,
constructing sewers, and acquiring rights -of -wag for the Sample Street
bridge, and the expenses incidental thereto, pursuant to an ordinance
adopted by the Common Council of said City on the day of
, 1962, entitled "An Ordinance of the city of South Bend,
ndiana, authorizing the issuance and sale of bonds of said City in
order to provide funds for application on the cost of the following:
to provide for payment and redemption of certificates of indebtedness
issued by the .City in payment of the City's share of street and alley
intersection assessments imposed for improvement of streets and alleys
under the Barrett Law; acquisition of right -of -way in connection with
the construction of a new Sample Street bridge; general repair of
streets in the Spring of 1963; paving of Voorde. Drive in the Indus-
trial Park and the paving and improving,of Chapin, Sample and Scott
Streets in the Chapin Street Redevelopment area; construction of storm
sewer at Michigan Street and St. Joseph River; construction of combined
sanitary and storm sewers at points east of Miami Street from Scottsdale
Addition South to Jackson Road; construction of thirty -six inch (36 ")
storm sewer crossing only at Mishawaka Avenue between Emerson and
Roberts Streets; construction of storm sewer at 31st Street and Mishawaka
Avenue; paving and improving of Portage Avenue from Elwood Avenue to
Navarre Street and from Lathrop Avenue to Colfax Avenue; and the con-
struction of storm sewer crossing only at Portage Avenue between Vassar
Avenue and Humboldt Street; 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 supple-
mental thereto, including Chapter 119 of the Acts of 1937-
It is hereby certified and recited that ell 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 consti-
tution 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 Iterest 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 , 1962.
ATTEST
City Clerk
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THE CITY OF SOUTH BEND, INDIANA
Mayor
Countersigned
City Controller
(Interest Coupon)
Coupon No.
On , 19 , the City of South Bend,
Indiana, will pay to bearer at the St. Joseph Bank and Trust Company,
South Bend, Indiana, Dollars in lawful
money of the United States of America, being the interest then due on
its Municipal Bond of 1962, dated , 1962.
THE CITY OF SOUTH BEND, INDIANA
By (Rtcsirdl e )
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 Record, the same being newspapers
published in The City of South Bend 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 Sec.
64 -19ro and Sec. 64- )9 /SBurns Indiana Statutes 1933•
Said bonds shall not be advertised for sale prior to the expire-
tion 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 Sec. 64 -191O Burns Indiana Statutes 1933, then no
further steps towards the issuance of said bonds shall be taken unless
and until the Common Council shall have determined that such remon-
strance is insufficient. In the event an objecting petition or peti-
tions are filed by taxpayers under the provisions of See. 64- ►91 S'
Burns Indiana Statutes 1933, 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
bonds. 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.
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 f or
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i
two (2) weeks in said South Bend Tribune and The Record. 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 forthe 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 pur-
pose 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 con-
sider said bids. Bidders for said bonds shall be required to name the
rate of interest which the bonds are to bear, not exceeding four (4°0)
per cent per annum, and such interest rate shall be in multiple of one -
eighth (1/8) of one (1%) per cent, 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, comput-
ing the total interest on all of the bonds to their maturities and de-
ducting 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.
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Prior to the delivery of said bonds the City Controller shall be
authorized to obtain a legal opinion as tot he validity of said bonds
from Ross, McCord, Ice & Miller, bond counsel of Indianapolis, 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 shall 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; there-
upon, the City Treasurer shall be authorized to receive fromthe
purchaser the amount so certified by the Controller and to deliver
the bonds to such purchaser.
Section 7. This ordinance shall'dbe in full force and effect
immediately upon its passage and signing by the 1 °iayor.
m er' f the ommon Council
r�r
Passed and adopted by the Common Council of the City of South
Bend, on the _ 16 day of
ATTEST:
Freda G. Noble, City Clerk
4jp h Kroll, President
Presented by me to the Mayor of The City of South Bend on the
.fit day of � � _s 1962, at the hour of _ ZL5 ' 014
. M.
Freda kr. Noble, Ivity Clerk
This ordinance approved and signed by me on the /4 day of
K
1962, at the hour of lda�Ja4 M.
FraC� nk d. goer, Mayor
Clerk of the Municipals Citydof elected
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 ) day of ,�.,:, 1962, and which
was presented by me to the ayor on t e ^�_ day of
and was b him a `s - , 1962,
y approved on said // _, 19 29 I further
certify that said Ordinance is in full force and effect and has not been
amended or repealed.
let & 2nd RE, .�• `' /� o Freda G. Noble, City Clerk
dOb.o
Dated this day of zs J _:;__ _ ,� 1962 FILED IN CLERK'S OFFICE
OOPPNRTEE OF THE Wry{DLL
rd RE HEARING
3rd READING
NOT VPROVED
REFWEo
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PASSED X11 ° 4