HomeMy WebLinkAboutAuthorizing Issuance and Sale of Bonds the Cost of Construction , Reconstruction and Improvement of Streets $1,000,000.00ORDINANCE NO. 4257 ---59
Passed by the Common Council of the City of South Bend, Indiana
FEBRUARY 9,
Actirig
Presented by me to the/Mayor of the City of South Bend,
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Approved and signed by me FEBRUARY
�i
Clerk
of Common Council
I :. ,-
ACTING
Clerk
ORDINANCE NO.
AN ORDINANCE TO AMEND SECTION 2 AND SECTION 3
OF ORDINANCE NO. 4248 ENTITLED "AN ORDINANCE jj.
OF THE CITY OF SOUTH BEND, INDIANA,. AUTHO=Nc�
THE ISSUANCE AND SALE OF BONDS OF SAID CITY FOR -
THE PURPOSE OF PROVIDING FUNDS TO BE APPLIED
TO THE COST OF CONSTRUCTION, RE- CONSTRUCTION
AND IMPROVEMENT OF STREETS AND EXPENSES
INCURRED IN CONNECTION THEREWITH, AS AMENDED ",
PASSED OCTOBER 27, 1958.
Be it ordained by the Common Council of the City of
South Bend, Indiana:
FEB 7 '59 Q
F I L E D
CITY OF SOI . d DBD
F [':,: 3. '{JbLL. CLERK
Section 1. That Section 2 of the above entitled ordinance
be amended to read as follows:
"Section 2. For the purpose of providing funds with
which to pay the cost of construction, re- construction and im-
provement of said streets and the incidental expenses necessary
to be incurred in connection with such project and the issuance
of bonds on account thereof, the city shall make a loan in the
amount of One Million Dollars ($1, 000, 000. 00). In order to
procure said loan the City Controller is hereby authorized and
directed to have prepared and to issue and sell the negotiable,
direct obligation bonds of the city to be designated as "City
of South Bend, Municipal Bonds of 1959 ", in the aggregate
principal amount of One Million Dollars ($1, 000, 000. 00), which
bonds shall be issued in the denomination- of One Thousand
Dollars ($1, 000. 00), shall be numbered consecutively from
1 to 10 000 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 centum (4 %) per annum (the
exact rate to be determined by bidding), which interest shall
be payable on December 1, 1959, and semi - annually thereafter
on June 1 and December 1 of each calendar year, and shall be
evidenced by coupons attached to said bonds. Said bonds and
interest coupons shall he payable at the St. Joseph Bank and
Trust Company of 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:
$ 50, 000.00
June 1, 1961
$ 50, 000.00
December 1,
1961
$ 50,000.00
June 1, 1962
$ 50, 000.00
December 1,
1962
$ 50, 000. 00
June 1, 1963
$ 50, 000.00
December 1,
1963
$2250000.00
June 1, 1964
$225,000.00
December 1,
1964
$125,000.00
June 1, 1965
$125,000.00
December 1,
1965
Said bonds shall be signed in the name of the City of
South Bend by the Mayor of said City, countersigned by the
City Controller, and attested by the City Clerk who shall
affix the seal of said city to each of said bonds. The interest
coupons attached to said bonds shall be executed by placing
thereon the facsimile signatures of the Mayor and City Controller,
and said officials, by the signing of said bonds, shall adopt as
and for their proper signatures their facsimile signatures
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 amended to read as follows:
"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
CITY OF SOUTH BEND
MUNICIPAL BOND OF 1959
$1, 000.00
The City of South Bend, in St. Joseph County,
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
interest thereon from the date hereof until the principal
is paid, at the rate of ( ) per ceatum per
annum, payable semi- annually on the first days of .June
and December of each calendar year beginning on December
1, 1959, upon presentation and surrender of the annexed
coupons as they severally become due.
Both principal and interest on this bond are pay-
able in lawful money of the United States of America at
the St. Joseph Bank and Trust Company of South Bend,
Indiana.
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. 00) numbered consecutively from 1 to 1, 000
inclusive, issued for the purpose of providing funds to be
applied to the cost of construction, re- construction and
improvement of streets, and expenses incidental thereto,
pursuant to an ordinance adopted by the Common Council
of said city on the 27th day of October, 1958, entitled
"An ordinance of the City of South Bend, Indiana, author-
izing the issuance and sale of bonds of said city for the
purpose of providing funds to be applied to the cost of
construction, re- construction and improvement of streets,
and expenses incurred in connection therewith, as amended ",
as amended by an ordinance adopted on the day of
, 1959, 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.
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
the full faith and credit of the City of South Bend, Indiana,
is 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, in
St. Joseph County, Indiana, by ordinance of its Common
Council, has caused this bond to be signed in its corporate
name by its Mayor, counter - signed 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 signatures of
said Mayor and City Controller, as of the day of
. 1959.
CITY OF SOUTH BEND
By
Mayor
Countersigned:
City Controller
Attest:
City Clerk
(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, in said city,
$ in Lawful money of the United States
of America, being the interest then due on its Municipal Bond
of 1959, dated 12 1959, No.
CITY OF SOUTH BEND
By
Mayor (Facsimile
City Controller (Facsimile
Section 3. This ordinance shall be in full force and effect
immediately after its passage and signing by the Mayor.
Member of the Com 'o Council
Passed and adopted by the Common Council of the City
of South Bend on the day of February, 1959.
Attest
President
i r
�i ,-
Presented by me to the Acting Mayor of the City of South
Bend on the 1L_ day of February, 1959, at the hour of ,jd7l,
o'clock -�Z—M.
Fj
,. G. Noble,
This ordinance approved and signed by me on the �(-.) day
� t
of February, 1959, at the hour of ..b o'clock r!4f,
let 8 2nd REA" * i I
OOWITTEE OF THE !'I"I
HEARING
8rd RE AOjIjG
NOT Ai wvM
REF80 ED g�
PASSM
Fra Bruggne , Acting Mayor
P
i
FEB i '59 4fi
F f L. E D
CITY OF SOu fH BEND
FRED; G..102LE, CLERK