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HomeMy WebLinkAboutAuthorizing the Issuance & Sale of General Purpose Bonds $590,000.00ORDINANCE No. Passed by the Common Council of the City of South Bend, Indiana, g'('� /CY 25� 1939-z.-. Clerk. of Common. Council. Presented by me to the Mayor of the City of South Bend, Indiana — Clerk Approved and signed by me — 141- ORDINANCE NO. a 673 6 `.AN ORDINANCY AUTHORIZING THE ISSUANCE AND SALE OF GENERAL Indiana: SECTION 1. - - -- -000 BE IT ORDAINED by the Common Council of the City of South Bend, That General Purpose Bonds in the sum of Five Hundred and Ninety Thousand Dollars ($590,000.00) be issued and sold by the City of South Bend, Indiana, as hereinafter provided, the proceeds of which shall be used for general purposes of said City. SECTION 2. Said Bonds shall be give Hundred and Ninety (590) in number, each of which shall be for the principal sum of One Thousand Dollars ($1,000.00) and shall bear date of September let, 1931 and shall be payable twenty (20) years after date, at the Citizens National Bank of South Bend, Indiana, or at such other bank as may,be designated by the purchaser, with interest at the rate of Three and Three- quarters Percent (3�) per annum, payable semi- annually on March 1st and Septemberlst of each year thereafter, until said bonds are fully paid. Each of said bonds shall be signed by the Mayor and countersigned by the City Controller. SECTION 3. Each of said bonds shall contain substantially the following provisions and be in the following form, to -wit: UNITED STATES OF AMERICA STATE OF INDIANA NO. CITY OF SOUTH BEND $10000.00 GENERAL PURPOSE BOND KNOW ALL MEN BY THESE PRESENTS: That the City of South Bend, in the County of St. Joseph and State of Indiana, is indebted to and promises to pay the bearer, One Thousand Dollars ($1,000.00) in lawful moneyof the United States of America, twenty years after date, on the first day of September, 1951, with in- terest at the rate of Three and Three- quarters per cent (W,,o) per annum, payable semi - annually upon the first day of lurch and September of each year upon presentation and delivery of the proper coupons hereto attached, bearing the fac- simile signature of the City Controller. Both principal and interest of this bond are payable at the Citizens National Bank of South Bend, Indiana. And the City of South Bend is hereby firmly bound, and its faith and credit and all the real and personal property of said City, are hereby -la pledged for the payment of this bond and interest at maturity. This bond is one of a series of Five Hundred and Ninety (590) bonds of like date, tenor and effect issued by the City of South Bend for General Purposes, under and by authority and in accordance with the requirements and pro- visions of aniAet of the General Assembly of the State of Indiana, entitled "An Act Concerning Municipal Corporations" approved on the 6th day of March, 1905, and proclaimed to be in effect by the proclamation of the Governor of said State, on the 15th day of April, 1905, and all laws amendatory thereof and supplemental thereto, and an Ordinance duly and legally adopted by the Common Council of the said City of South Bend on the day of July, 1931. And it is hereby certified, recited and declared that all acts, con- ditions and things required to be done precedent to and in the issuing of said bonds have happened and have been properly- -done and performed in re- gular and due form, as required by law, and that the indebtedness which is incurred by issuing this series of bonds is a constitutional,subsisting and legal obligation of said City of South Bend, and that the total indebted- ness of said City, including this issue, does not exceed the constitutional or statutory limitations. IN WITNESS WHEREOF the said City of South Bend, by its Common Council, has caused this bond to be signed by its Mayor and countersigned by its City Controller, with the seal of said City affixed on the day of , A.D., 1931. ATTEST: CITY CONTROLLER SECTION 4. That the interest coupons attached to said bonds shall bear the far- simile signature of the City Controller of said City and shall be substantially in the following form, to -wit: INTEREST COUPON NO. 0 On the day of 19 the City of South Bend, Indiana, will pay to the bearer Dollars in lawful money of the United States o erica, at e 71 zens National Bank of South Bend, Indiana, being six months interest due on the General Purpose Bond No. dated September let, 1931. ITY CONTROLLER OF THE CITY OF SOUTH BEND. SECTION 5. The City Controller shall give notice of the time and terms of sale of said bonds by advertising the same one day each week for two (2) consecutive weeks in the South Bend News -Times and the South Bend Tribune, both of South Bend, Indiana, and one publication, at least one (1) week prior to date of sale, in the Indianapolis Times of Indianapolis, Indiana:.,,,; SECTION 6. Said bonds shall be sold by the City Controller to the highest and best bidder, for cash, and for nothess than their par value, the -2- City reserving the right to reject any and all bids. The purchaser shall pay anyaccrued interest on said bonds, and all bids shall be required to be a�ccompanied by a certified check of the bidder payable to the City of (south Bend, Indiana, for one per cent of the amount of such bid aqd which check shall be forfeited to the City by the successful bidder if he shall refuse to accept and pay for said bonds. SECTION 7 The proceeds received from the sale of said bonds shall be applied to and become a part of the General Fund of said City and shall be ap- propriated therefrom as provided by law. SECTION S. its a This Ordinance shall be in full force and effect from and after passage. YJ pn , -3- 1%4M Z:Z.� e er of the Common oune .