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HomeMy WebLinkAboutAuthorizing the Issuance and Sale of Bonds Purpose of Providing Funds to be Applied cost of Construction, Reconstruction and improvement of Streets Approximate Amount $1,000,000.00ORDINANCE No. 3990 Passed by the Common Council of the City of South Bend, A, Clerk of Common Council Presented by me to the Mayor of the City of South Bend, nnurr mt 19f ¢ Clerk Approved and signed by me_ rma� �amsr� 1¢ ORDINANCE NO. 3,9',2p An Ordinance of the City of South Bend, Indiana, authorizing the issuance and sale of bonds in said City for the purpose of providing funds to be applied on the cost of construction, reconstruction and improvement of streets, and expenses incurred in connection therewith. fir WHEREAS, the Boaitdof Public Works of the City of South Bend has found that many streets in said City have deteriorated and have become defective to a serious extent; that an emergency exists for the immediate construction, reconstruction and improve- ment of such streets, and that said project is necessary in order to protect the safety and well -being of the citizens of said City, and will be of general benefit to the entire City; and WHEREAS, the Board of Public � "iorksA has determined that the estimated cost of said project, and the incidental expenses necessary to be incurred in connection therewiA , including the issuance of bonds, will be in the approximate amount of One Million Dollars ($1,000,000.00), and has filed a request for an appropriation in said amount for said purpose, which request has been approved by the City Cout)kwller �, 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, the Council now finds that the construction, re- construction and improvement of streets is immediately 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 some- times referred to as the "City ") by and through its Board of Ai -(# fe&fef' Public Works, proceed with the construction, reconstruction and improvement of streets, in accordance with such plans and speci- fications which have been and may hereafter be approved by the Board of Public Works. G' RESOLUTION OF THE BOARD OF PUBLIC WORKS A 4,P JAr f TY WHEREAS, the Board of Public Works of the City of South Bend, Indiana, has found that many streets in the City of South Bend are deteriorated and have become defective to a great and serious extent and accordingly has created an emergency requiring immediate construction, reconstruction and improvement of said streets; and WHEREAS, this Board finds that the construction, recon- struction and improvement of such streets is necessary in order to protect the safety and well -being of the citizens of said City and will be of general benefit to the entire City; and WHEREAS, this Board finds that the estimated cost of the construction, reconstruction and improvement of said streets and the incidental expenses in connection therewith will be in the amount of One million dollars ($1,000,000.00); now therefore d nd ra roXV BE IT RESOLVED by the Board of Public Works of the City of South Bend, Indiana, that this Board request the City Controller and Common Council to take proper steps immediately to provide the necessary funds for said purpose, in the amount of One million dollars ($1,000,000.00), and to that end that a copy of this resolution be filed with the City Controller and City Clerk, and presented to the Common Council at the next meeting thereof. Adopted this day of , 1954. T Boar of blic`Works A M rw fi /r TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA: (U a h4 1%FifK The Board of Public Works, of the City of South Bend, Indiana, has requested an appropriation in the amount of One Million Dollars ($1,000,000.00) for application on the cost of construction, reconstruction and improvement of streets in said City and the incidental expenses to be incurred in connection therewith. I recommend that said appropriation be made, and am sub- mitting herewith, for the consideration of the Council, a form Of ordinance authorizing such appropriation. The City does not have funds available to pay the cost of said project, and in order to provide funds to meet said appropriation it will be necessary to authorize, issue and sell bonds of the City- in the amount of One Million Dollars ($1,000,000.00), and I am handing you herewith a form of ordinance drawn for such purpose. Dated this leday of 1954. Respectfully submitted, X City Controller. STATE OF INDIANA SS: ST. JOSEPH COUNTY AUDITOR'S CERTIFICATE I. Richard F. Kleiser, the duly elected, qualified and acting Auditor of St. Joseph County, Indiana, hereby certify that I have examined the petition in several counterparts addressed to the Common Council of the City of South Bend, requesting said Council to authorize and issue the bonds of said City for the purpose of procuring funds to be applied on the cost of construction and improvement of streets, which Petition so examined by me is attached to this certificate -. I further certify that I have checked the signatures on each of the counterparts of said petition with the tax records in my office; that each counterpart of the said petition is verified by the affidavit of the owner of taxable real estate located within the corporate limits of the City of South Bend, and that said petition is signed by /a � owners of taxable real estate located within the corporate limits of said City as shown more particularly by the following computation. Petition Verified by affidavit Number of Taxable Real Estate Signers Owners non- owners 1 James A. Bickel 03 0 .30 Q 2 Charles W. Hahn 3 O C2.1 3 Roland E. Grant 4 C. E. Hoenk 5 Robert.A. Grant 6 Robert A. Grant — Total IN WITNESS WHEREOF, I have hereunto set myband and the official seal of The Board of Commissioners of the County of St. Joseph on this a-lg,y of June, 1954. is eiser Auditor, St. Joseph County STATE OF INDIANA ' SSs ST. JOSEPH COUNTY VERIFYING AFFIDAVIT Q led,4i ,being first duly sworn, upon his oath deposes and says$ That he is one of the signers of the attached counter- part of a petition addressed to the Common Goundil of the City of South Bend, Indiana, requesting the issuance of bonds of said City For the purpose of providing funds to be applied on the cost of construction and improvement of streets in said City; that all of the signatures appearing on the attached counter- part of said petition were affixed in his presence and are the true and lawful signatures of the persons signing said counter - part of said petition. f 6'_Li Subscribed and sworn to before me, a Notary Public in and for said County and State, thise:1,40day of June, 1954. PMVIA .. My Commission Expiress a Sec. 2. For the purpose of providing funds with which to pay the cost of construction of said project 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 obligational bonds of the City to be designated as "City of South Bend, Municipal Bonds of 1954," 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 consecutively from 1 to 1000 inclusive, shall be dated as August 1, 1954, and shall bear interest at a rate not exceeding three per cent (3`jo) per annum (the exact rate to be determined by bidding), which interest shall be yable on �1, 1955, and semi- annually thereafter on Jfguaw 1 and i�w 1 of each year, and shall be evidenced by coupons attached to said bonds. Said bonds and interest coupons shall be payable at the First Bank and Trust Company in the City 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, 1957; $150,000.00 - June 1, 1958: 150,000.00 - December 1, 1958; $150,000.00 - June 1, 1959; 150,000.00 - December 1, 1959; 175,000.00 - June 1, 1950; 175,000.00 - December 1, 1960. 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 C 7° shall, in the hands of bona fide holders, have all of the qualities of negotiable instruments under the law merchant. Sec. 3. The form and tenor of said bonds, and the interest coupons to be attached thereto, shall be substantially as follows, towit: UNITED STATES OF AMERICA. State of Indiana County of St. Joseph No. $1,000.00 City of South Bend Municipal Bond of 1954 The City of South Bend, in St. Joseph County, Indiana, for value received, hereby acknowledges it- self 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 ereof uni tie principal is paid, at the rate of per cent ( ) per annum, payable on the first day of *, an semi - nnually thereafter on the firs days of nd 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 First Bank and Trust Company of South Bend, Indiana, This bond is one of an authorized issue of One thousand (1000) 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 1000 inclusive, issued for the purpose of providing funds to be applied on the cost of construction, reconstruction and improvement of streets, and expenses incidental thereto, pursuant to an ordinance adopted by the Common Council of said City on the day of , 1954, entitled Or nance of the ity oP out Bend* Indiana, authorizing the issuance and sale of bonds of said City for the purpose of pro- viding funds to be applied on the cost of construction, reconstruction and improvement of streets, and expenses 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 all acts, conditions and things required to be done precedent to and in the etecution, issuance and de- livery 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, I diana, is hereby irrevocably pledged to the punctual n 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, 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 signatures of said Mayor and City Controller, as of the first day of August, 1954. Attest: City Clerk Coupon No. CITY OF SOUTH BEND By Mayor Countersigned: City Controller (Interest Coupon) On , 19 , the City of South Bend, Indiana, will pay—T—oTiearer, at the First Bank and Trust Company in said City, Dollars in lawful money of e United States of America, being the interest then due on its Municipal Bond of 1954, dated August 1, 1954, No. CITY OF SOUTH BEND By (Facsimile; Mayor (Facsimile) City Controller Sec. 4. As soon as may be done after the passage of this ordinance, the City Clerk shall give notice of the filing of a petition for the determination to issue bonds. Said notice shall be published once each week for two weeks in the South Bend Tribune and The Record, the same being newspapers published in the City of South Bend and representing the two leading political parties, and said notice shall also be posted in three public places in the City, as provided by Sections 64 -313 and 64 -1332 Burns Statutes 1933. Said bonds shall not be advertised for sale prior to the expiration of the period during which taxpayers may file re- monstrances 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 64-313 Burns 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 petitions are filed by tax payers under the provisions of Section 64 -1332 Burns 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. Sec. 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 weeks in the South Bend Tribune and The Record. 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 sale made, and such other informa- tion as the City Controller shall deem necessary. All bids for said bonds shall be sealed and shall be pre- sented to the City Controller at his office, and said Controller shall continue to receive all bids offered until the time designated 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 three per cent (37o) per annum, and such interest rate shall be in multiples of one - eighth (1/8) of one per cent (1%), 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 to be determined by com- puting the total interest on all of the bonds to their maturities and deducting therefrom thepremium 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 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 sale 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 opinion to the purchaser of said bonds, The cost of said opinion shall be considered a part of the cost of said project, and shall be paid out of the proceeds of said bonds. See. 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 de- liver 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 Treasurer the amount which the purchaser is to pay for the same; thereupon, said Treasurer shall be authorized to receive from the purchaser the amount so certified by the Controller and to deliver the bonds to such purchaser, See. 7, This ordinance shall be in full force and effect immediately upon its passage ndT °s%ing the Mayor. ie z, 2nd 'R: ;01 ( —c2 Sri. q 'vu` 4et 05 L% Passed and adopted by the Common Council of the City of South Bend on the 28th day of A est: CVty er — June , 1954. i e4 17- resi ing Of icer Presented by me to the Mayor of the City of South Bend on the 29th day of June , 1954, at the hour of 10:00 o'clock A. M. i y ule r This ordinance approved and signed by me on the 29th day of June 1954, at the hour of 10 o'clock A, M.