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HomeMy WebLinkAboutAuthorizing the Issuance and Sale of General Purpose Bonds in the Sum of $450,000.00 Providing for Time and Manner of Advertising . C ORDINANCE No. 76 S Passed by the Common Council of the City of South Bend, Indiana, riP, a7 192 . Attest: S-r--11—fg--C City Clerk. Attest: C1Ze `" �� /17--"--- President of Common Council. Presented by me to the Mayor of the City of South Bend, Indiana r 192 . fit )7-1( City Clerk 9-trjfi 7 Approved and signed by me 192 fr de-vw(eMayor • • ORDINANCE N0. 776g AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF GENERAL PURPOSE BONDS IN THE SUM OF FOUR HUNDRED AND FIFTY THOUSAND DOLLARSFI450,000.00 AND PROVIDING FOR THE TIME AND MANNER OF ADVERTISING AND THE TERMS AND MANNER OF SALE OF SAID BONDS BE IT ORDAINED by the Common Council of the City of South Bend, Indiana. r` SECTION 1. That General Purpose Bonds in the sum of Four Hundred and Fifty Thousand ($450,000.00) Dollars 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, including costs to the said City for track elevation the costs to the City for condemnation of lands and improvements for the widening of Fellow and Sample Streets • for the New York Central -viaduct at said streets and the unpaid balance of the first installment for track removal due to the Grand Trunk Western Railway. SECTION 2. • Said Bonds shall be Four Hundred and Fifty (450) in number, each of which shall be for the principal sum of One Thousand ($1,000.00) Dollars and shall bear date of June 1st, 1929 and shall be payable, twenty (20) years after date, at the National Park Bank of New York, or at such other bank as may be designated by the purchaser, with interest at the rate of Four and One-half (41%) Percent per annum, payable semi- annually on December 1st and June 1st 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 follow- ing provisions and be in the following form, to=wit: UNITED STATES OF AMERICA STATE OF INDIANA CITY OF SOUTH BEND NO. $ 1,000.00 GENERAL PURPOSE BOND KNOW ALL MEN BY THESE PRESENTS:. That the City of South Bend, in the County of St . Joseph and State bf"'-Indiana, is indebted to and promises to pay the bearer, One Thousand ($1;000.00) Dollars in lawful money of the United States of America, twenty years after date, on the first day of June, 1949 with interest at the rate of Four and One-half (41%) per cent. per annum, payable semi-annually upon the first day of December and June of each year upon presentation and delivery of the proper coupons hereto attached, bearing the fac-simile signature of the City Con- troller. - 1 - L F . Both principal and interest of this bond are payable at the National Park Bank of New York. 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 pledged 'for the payment of this bond and interest at maturity. This bond is one of a series of four hundred and fifty (450) bonds of like date, tenor and effect issued by the City of South Bend for General Purposes, under and by authority and in accord- ance with the requirements and provisions of an Act of the General As- sembly of the State of Indiana, entitled - ITAn Act Concerning Munici- pal Corporationst' approved on the 6th day of March, 1905, and pro- claimed to be in effect by the proclamation of the Governor of said State, on the 15th day of April, 1905, and all laws amendatory there- - of and supplemental thereto, and an Ordinance duly and legally adopt-- ed by the common Council of the said City of South Bend on the day ofGpf3,1,.9EE29. And it is hereby certified, recited, and declared that all acts, conditions, and things required to be done precedent to and in the issuing of said bonds have happened and have been proper- ly done and performed in regular 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 _indebtedness 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 Controller, with the seal of said City affixed on the day of , A.D. , 1929. MAYOR OF THE CITY OF SOUTH BEND ATTEST: CITY CONTROLLER SECTION4. - That the interest coupons attached to said bonds shall bear the fac-simile signature of the City Controller of said City and shall be substantially in the following form, to-wit: INTEREST COUPON No. On the day of , 19 , the City of South • Bend, Indiana will pay to the bearer Dollars in lawful money of the United States of America, at the .National Park Bank of New York, being six months interest due on the General, Purpose Bond No. , dated June 1st, 1929. CITY CONTROLLER OF THE CITY OF SOUTH BEND SECTION 5. The Olt* 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 - 2 _ • of Indianapolis, Indiana. SECTION 6. • Said bonds shall be sold by the City Controller to the • -highest and best bidder, for cash, and for not less than their par value, the City reserving the right to reject any and all bids. The purchaser shall pay any accrued interest on said bonds, and all bids shall be required to be accompanied 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 and which check shall be forfeited to the City by the successful bidder if he shall refuse to accept ant 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 appropriated therefrom as provided-by law. SECTION 8. This Ordinance shall be in full force and effect from and after its passage. �� s I "I MEMBER OF THE COflON 9GUNCIL d6 t v 4( 5 ��� /5 'v tet v 3 -