HomeMy WebLinkAboutAuthorizing the Issuance and Sale of Bonds for Cost of Construction of Storm, Sanitary & other Sewers to maple Road for the Northwest Industrial Development AreaORDINANCE No. 4409 - - -61
Passed by the Common Council of the City of South Bend,
NOVEMBER 13, 1„61
Clerk
of Common Council
Presented by me to the Mayor of the City of South Bend, Indiana
November 14, __ 61
Clerk
Approved and signed by me_ November 14, �9 61
IDEAL 00JEWD PRESS
O R D I N A N C E N 0. TAD/ —le/
An ordinance to amend Section 2 and Section 3 of
Ordinance No. 4407 -61 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 thorough-
fare improvements and acquiring of rights -of -way
therefor, together with the incidental expenses to
be incurred in connection therewith, which Ordinance
was adopted by the South Bend Common Council on
October 9, 1961, and approved by the Mayor on
October 10, 1961, which amendments provide for a
change in the maturities of said bond.
WHEREAS, the Common Council did heretofore adopt Ordinance No.
4407 -61 providing for the issuance and sale of bonds in the amount
of One Million, One Hundred Thousand Dollars ($1,100,000); and
WHEREAS, the Common Council now finds that the maturities of
said bonds as fixed in said ordinance should be amended;
NOW THEREFORE,
BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA:
Section 1. That Section 2 of the above entitled Ordinance be
and the same is hereby amended to read as follows:
"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 ($10100,000). 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 obliga-
tions bonds of the City, to be designated as "Municipal Bonds
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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 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;
025,000
$25,000
75,000
75,000
050,000
50,000
175,000
$75,000
$200,000
$200,000
$125,000
$125,000
on
on
on
on
on
on
on
on
on
on
on
on
June 1, 1963;
December 10 1963;
June 1, 1964;
December 1, 1964;
June 1, 1965;
December 1, 1965;
June 1, 1966;
December 1, 1966;
June 1, 1967;
December 1, 1967;
June 1, 1968;
December 1, 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
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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 2. That Section 3 of the above entitled Ordinance be
and the same is hereby amended to read as follows:
"Section 3. The form and tenor of said bonds and the
interest coupons to be attachedthereto 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 DOERS:
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 f rst day of June, 19 2, 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
lawful money of the United 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 (,S1,100,000L
numbered consecutively from 1 to 1100 inolusive, issued for
the purpose of providing funds to be applied on the cost of con-
structing 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 9th day of October,
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 con-
struction of storm, sanitary and other sewers to Maple Road for
the Northwest Industrial Development area, as well as in the
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area of EaFayette 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 thorough-
fare improvements and acquiring rights -of -way therefor,
together with the incidental expenses to be incurred in connec-
tion therewith," and an Ordinance amending said Ordinance
adopted by the Common Council of said City on November 13, 1961,
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, includ-
ing Chapter 119 of the Acts of 1937•
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 signa-
ture of said City Controller, as of the first day of ,
1961.
THE CITY OF SOUTH BEND, INDIANA.
By
Countersigned:
ATTEST:
City Clerk
(Interest Coupon)
Coupon No.
City Controller
On , 19 , The 'City of South Bend,
Indiana, will pay to bearer at the 3t. 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)
City Controller'
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Section 3. This ordinance shall be in full force and effect
immediately upon its passage and signing
the Mayor.
Passed
and adopted by
the
Common Council
of The City of South
Bend on the
%3 C'
day
of
1961.
T. Kroll, President
ATTEST:
Freda G. Noble, City Clerk
Presented by me to the Mayor of The City of South Bend on the
day of 1961, at the hour of
10:30 C1. M.
da G. Noble, City Clerk
This ordinance approved and signed by me on the / Li `4 day
of Y,_2._. , 1961, at the hour of 0: 0(�..M.
I
Ist d 2nd READING 11/13 2/o.
00MUTTEE OF THE WHOLE
PUBLIC HEARING 1W .p.l.cg�,
3rd READING 111 13/6
NOT APPROVED
REFERRED
PASSED I IJ l
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40V 3 n '61 AM
F f L E D
C!?'" OF SDDTH BEND
ME . a NORLe, "M