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HomeMy WebLinkAboutAuthorizing the Issuance and Sales of Bonds Cost of Construction and Improvement of SewersORDINANCE No. 3788 Passed by the Common Council of the City of South Bend, i o•, Presented by me to the Mayor of the City of South Bend, APRIL 11 City Clerk of Common Council Approved and signed by Clerk PETITION REQUESTING THE ISSUANCE OF BONDS OF THE CITY OF SOUTH BEND, INDIANA COUNTERPART NO. TO THE Common Council of the City of South Bend, Indiana: The undersigned, owners of taxable real estate in the City of South Bend, hereby petition the Common Council of said City to authorize the issuance of bonds of said City in an amount not exceeding $1,000,000.00, for the purpose of providing funds to be applied on the cost of the con- struction and improvement of sewers in said City. This petition may be circulated in several counterparts, and all of such counterparts are to be considered as constituting one petition. Name 1.� ^-7 WAMWAM LW Name Address NAME 57. 58. 59. 6o. 61. 62 63 64 65 MAR 2'7 1950 NMAYME DU b10T CITY CLERK ADDRESS VERIFYING AFFIDAVIT STATE OF INDIANA ) ) SS: COUNTY OF ST. JOSEPH. ) Leo P. 1ieder , being first duly sworn, upon his oath deposes and says: That he is one of the signers of the attached counterpart of a petition addressed to the Common Council 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 sewers; that all of the signatures appearing on the attached counterpart of said petition were affixed in his presence and are the true and lawful signatures of the persons signing said counterpart of said petition. Subscribed and sworn to before me this 16th day of March 1950. a J ' >�) Notary Public y ommission expires: M� AR 2 7 9500 er 11 19 0 MAY[v1G DU ),1011'Z CITY CLERK ORDINANCE NO. 3738 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 construction and improvement of sewers, and expenses 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 the construction and improvement of sewers in said City, thereby improving and relieving the existing sewer system, and has de- termined that the estimated cost of said project 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 Dollars ($1,000,000.00); and WHEREAS, the Board of Public Works and Safety has filed a request for an appropriation in the amount of One Million Dollars ($1,000,000.00) for said purpose, which request has been approved by the City Controller of said City, 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 owners of taxable real estate in the City of South Bend, Indiana, requesting the Common Council to issue bonds in an amount not exceeding the sum of One Million Dollars ($1,000,000.00) for the purpose of procuring funds to be applied on the cost of construction and improvement of sewers, which petition the Council finds to be sufficient under the provisions of said act; and WHEREAS, the Council now finds that the construction and improvement of sewers will improve and relieve the existing sewer system, 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, Indiana (hereinafter some- times referred to as the "City") by and through its Board of Public Works and - 2 - Safety, proceed with the construction of the sewer project hereinbefore re- ferred to, in accordance with such plans and specifications which have been and may hereafter be approved by the Board of Public Works and Safety. Section 2. For the purpose of providing funds with which to pay the costs of construction of said sewer project and the incidental expenses necessary to be incurred in connection with such project and the issuance of bonds on accoun�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 19501" in the aggregate principal amount of One Million Dollars ($110001000.00), which bonds shall be issued in the denomination of One Thousand Dollars ($1,000.00), shall be numbered consecutively from 1 to 1000 inclusive, shall be dated as of June 1, 1950, and shall bear interest at a rate not exceeding three per cent (3%) per annum (the exact rate to be determined by bidding), which interest shall be payable on December 1, 1950, and semi - annually thereafter on June 1 and December 1 of each year, and shall be evidenced by coupons attached to said bonds. Both bonds and interest coupons shall be payable at the office of the City Treasurer 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: $200,000.00 on December 1, 1951; $300,000.00 on December 1, 1952 and $100,000.00 on December 1 of each year thereafter to and including December 1, 1957 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 with the fac- simile signature of the City Controller, and said official, by the counter- signing 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: f `: No. - 3 - UNITED STATES OF AMERICA State of Indiana County of St. Joseph CITY OF SOUTH BEND MUNICIPAL BOND OF 1950 $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 December, 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 first day of December, 1950, and semi - annually thereafter on the first days of June and December in each year, upon presentation and sur- render of the annexed coupons as they severally become due. Both principal and interest of this bond are payable in law- ful money of the United States of America at the office of the City Treasurer in the City 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, denomina- tion, tenor and effect, except as to dates of maturity, aggregating One Million Dollars ($1$0002000.00), numbered consecutively from 1 to 1000 inclusive, issued for the purpose of providing funds to be applied on the cost of construction and improvement of sewers and expenses incidental thereto, pursuant to an ordinance adopted by the Common Council of said City on the _ day of 1950, entitled "An Ordinance of the City of South Bend, Indiana, authoriz- ing the issuance and sale of bonds of said City for the purpose of providing funds to be applied on the cost of construction and im- provement of sewers, 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 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, is- suance 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 pres- cribed by the constitution and laws of the State of Indiana, and that 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 signature of said City Controller, as of the first day of June, 1950• CITY OF SOUTH BEND Mayor Attest: Countersigned: City Clerk City Controller -4- (interest coupon) Coupon No. 0 on . 19 , the City of South Bend, Indiana, will pay to bearer, at the office of the City Treasurer in.said City, Dollars in lawful money of the United States of America, being the interest then due on its Municipal Bond of 1950, dated June 1, 1950, No. CITY OF SOUTH BEND By (Facsimile) City Controller Section 4. As soon as may be done after the passage of this ordin- ance the City Clerk shall give notice of the filing of the petition for and determination to issue bonds. Said notice shall be published once each week for two weeks in the South Bend Tribune and South Bend Mirror, the same being newspapers published in the City of South Bend and representing the two lead- ing political parties, and said notice shall also be poNsted 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 remonstrances or objecting peti- tions 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 de- termined that such remonstrance is insufficient. In the event an objecting petition or petitions are filed by taxpayers under the provisions of Section 64 -1332 Burris 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 Clerk 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. - 5 - 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 for two weeks in the South Bend Tribune and South Bend Mirror, and one time in The Indianapolis Commercial. 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 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 re- ceive all bids offered until two o'clock P. M. 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 ( %) per annum, and such interest rate shall be in multiples of one — fourth (1/4) of one percent (1%), and not more than one interest rate shall be named by each bidder. The Con- troller 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 re- ceived 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 competent bond counsel whose opinions are acceptable to bond purchasers generally, 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 sewer project, 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 Treasurer the amount which the purchaser is to pay for the same; thereupon, said Treasurer shall be authorized to receive from the pur- chaser 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 IViayor. Passed and adopted by the Common Council of the City of South Bend on the 10th day of April , 1950- Presiding Officer Attest: J �ir`12e -tr f. City Clerk Presented by me to the Mayor of the City of South Bend on the 11th day of April , 1950, at the hour of 8:30 o'clock A M. This ordinance approved and signed by me April , 19502 at the FC NIAR 2 A195O' MAYME DU MONT CITY CLERK D Member of the Common Council the 11th day of of 9:00 o'clock,_. M.