HomeMy WebLinkAboutSale of Bonds for Cost of the Construction of Storm, Sanitary & other Sewers to Maple RoadORDINANCE No. 4407 - - -61
Passed by the Common Council of the City of South Bend,
Presented by me to the Mayor of the City of South Bend,
OCTOBER 10, �9 61
Clerk
of Common Council
Approved and signed by me OCTOBER 10, zg 61
IDEAL OIQW PRESS
Clerk
ORDINANCE NO.
An Ordinance of the City of South Bend, Indiana,
authorizing the issuance and sale of bonds of
said City for the purpose of providing funds to
be applied on the cost of the construction of
storm, sanitary and other sewers to Maple Road
for the Northwest Industrial Development area, as
well as in the area of LaFayette Boulevard and
Iroquois Avenue located North of the St. Joseph
River and in the Chippewa Avenue and Ireland
Road areas; also, for the acquiring of lands and
rights -of -way for a new Sample Street bridge and
for making major thoroughfare improvements and
acquiring of rights -of -way thereffer, together
with the incidental expenses to be incurred in
connection therewith.
WHEREAS, the Boued 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 the construction of storm,
sanitary and other sewers to Maple Road for the Northwest Industrial
Development area, as well as in the area of LaFayette Boulevard and
Iroquois Avenue located North of the St. Joseph River and in the
Chippewa Avenue and Ireland Road areas; also, for the acquiring of
lands and rights -of -way for a new Sample Street bridge and for
making major thoroughfare improvements and acquiring of rights -of -way
therefor; and has determined that the estimated cost of said projects
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 One Hundred Thousand Dollars ($1,100,000); and
WHEREAS, the Board of Public Works and Safety has filed a
request for an appropriation in the amount of One Million One Hundred
Thousand Dollars 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 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 One
Hundred Thousand Dollars ($1,100,000) for the purpose of procuring
funds to be applied on the cost of the projects hereinbefore de-
scribed; and
WHEREAS,_ the Council now finds that the construction of such
improvements and acquisition of such lands and 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,
IND IANA,:
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, proceed with the construction of storm, sanitary and
other sewers to Maple Road for the Northwest Industrial Development
area, as well as in the area of LaFayette Boulevard and Iroquois
Avenue located North of the St. Joseph River and in the Chippewa
Avenue and Ireland Road areas; also,witjh the acquiring of lands
and rights -of -way for a new Sample Street bridge and for making
major thoroughfare improvements and acquiring of rights- of-way
therefor, 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 One Hundred Thousand Dollars ($1,100,000).
In order to procure said loan, the City Controller is hereby authorized
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and directed to have prepared and to issue and sell the negotiable
general obligations bonds of the City, to be designated as "Munici-
pal Bonds of 1961 ", in the aggregate principal amount of One Million
One Hundred Thousand Dollars ($1,100,000), which bonds shall be
Issued in the denomination of One Thousand Dollars ($1;000), shall be
numbered consecutively from 1 to 1100 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 (V.) per cent per annum
(the exact rate to be determined by bidding), which interest shall
be payable on June 1, 1962, 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 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:
$75,000 on June 1st, 1964;
75,000 on December 1st, 1964;
50,000 on June 1st, 1965;
50,000 on December 1st, 1965;
75,000 on June 1st, 1966;
75,000 on December 1st, 1966;
200,000 pn June 1st, 1967;
200,000 on December 1st, 1967;
1501000 on June 1st, 1968;
150,000 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.
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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. $1,000
CITY OF SOUTH BEND
MUNICIPAL BOND OF 1961
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 , 19 , and to pay in-
terest 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, 1962, 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.
Both principal and interest of this bond are payable in law-
ful money of the nited States of America at the St. Joseph Bank and
Trust Company, South Bend, Indiana.
This bond is one of an authorized issue of eleven hundred (1100)
bonds of the City of South Bend, Indiana, of like date, denomination,
tenor and effect, except as to dates of maturity, aggregating
One Million,One Hundred Thousand Dollars ($1,100,000), numbered con-
secutively from 1 to 1100, inclusive, issued for the purpose of pro-
viding funds to be applied on the cost of constructing sewers, making
major street improvements and acquiring rights -of -way for said streets
and 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 , 1961, entitled "An Ordinance
of the City of South Bend, Indiana, authorizing the issuance and sale
of bonds of said City for the purpose of providing funds to be applied
on the cost of the construction of storm, sanitary and other sewers
to Maple Road for the Northwest Industrial Development area, as well
as in the area of LaFayette Boulevard and Iroquois Avenue located North
of the St. Joseph River and in the Chippewa Avenue and Ireland Road
areas; also, for the acquiring of lands and rights -of -way for a new
Sample Street bridge and for making major thoroughfare improvements and
acquiring of rights -of -way therefor, 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 amend-
atory thereof and supplemental thereto, including Chapter 119 of the
Acts of 1937.
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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 pre-'.
scribed 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 ir-
revoebbly 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 , 1961.
THE CITY OF SOUTH BEND, INDIANA
By
Mayor
Countersigned:
ATTEST:
City Clerk
(Interest Coupon)
Coupon No.
City Controller
On ' 19 , The City
of South Bend, Indiana, wil 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 1961, dated
, 1961.
THE CITY OF SOUTH BEND, INDIANA
By (Facsimile)
17ity Controller
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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 oopies of said notice shall also be
posted in three (3) public places in the City, as provided by
Sec. 64 -313 and Sec. 64 -1332 Burns Indiana Statutes 1933•
Said bonds shall not be advertised for sale prior to the expira-
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 -313 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
remonstrance is insufficient. In the event an objecting petition or pets"
tions are filed by taxpayers under the provisions of Sec. 64 -1332
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 oneaeach week for two (2)
weeks in said South Bend Tribune and The Record. The date fixed for
the sale shall not be e•ariier 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
feceived 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 beap,
not exceeding four (V� ) 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, 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.
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 Ross McCord Ice & Miller, bond counsel of Indianapolis, and to
furnish such opionion 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.
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Section 6. The City Controiller is hereby authorized and directed
to have said bonds and coupons prepared, and the Mayor, Cty Control-
ler and City Clerk are hereby authprized 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 consum-
mation of the sale of said bonds the City Controller shall then certi-
fy to the City Treasurer the amount which the purchaser is to pay for
the same; thereupon, the City Treasurer shall be authorized to re-
ceive 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.
10
Passed and adopted by the Common Council of The City of South
Bend, on the / day of , 1961.
ep T. Kroll, President
AATTTTEEST
IZ
Freda G. Noble, City Cierk
Presented by me to the Mayor of The City of South Bend on the
rjj tty day of (9—(, 1961, at the hour of
M.
Fri L,
""0
Noble, City Cierk
�T]�hiiso ordinance approved and signed by me on the � day of
60--d , 1961, at the hour of e) ,'�"; -.M.
7
i me .e a. -- -
Raj IN CLERK'S Off"
ONO C C i 2 1961
rueLD HV's :"jq
fD! / ! FREDA G. NOBLEti
�/ G °� ^"� CITY CLERK•SOUTHBENDt"*A
NOTI
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