9672-06 Authorizing the Acquistion and Installation of Improvements to the City's Sewage Works

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this place (with all blanks to be filled in properly and all necessary additions and deletions to be made prior to the delivery thereof). Section VIII. Issuance, Sale and Delivery of the Bonds. (a) Generally. The Controller is hereby authorized and directed to have the Bonds prepared, and the Mayor, the Controller and the Clerk are each hereby authorized and directed to execute, and attest as appropriate, the Bonds in the form and manner herein provided. The Controller is hereby authorized and directed to deliver the Bonds to the purchaser or purchasers thereof after sale made and in accordance with the provisions of the Act and this Ordinance, provided that at the time of said delivery the Controller shall collect the full amount which the purchaser or purchasers have agreed to pay therefor, which shall be not less than ninety-eight percent (98%) of the par amount of the series of the Bonds being sold (or such higher percentage of the par value of such series of the Bonds as the Controller, with the advice of the financial advisor of the City, shall determine) plus accrued interest thereon to the date of delivery. The proceeds derived from the sale of the Bonds shall be and are hereby set aside for application to the costs of the Project, and including all authorized costs relating thereto, including the costs of issuance of the Bonds. The authorized officers of the City are hereby authorized and directed to draw all proper and necessary warrants and to do whatever other acts and things that may be necessary or appropriate to carry out the provisions of this Ordinance. (b) Public Sale of the Bonds. The Bonds shall be sold by public sale. Prior to the sale of each series of the Bonds, the Controller shall cause to be published a notice of intent to sell two times at least one week apart in the South Bend Tribune, the Tri-Count, News and the Court and Commercial Record. The notice of such sale or a summary thereof may also be published in The Bond Buyer, a financial journal published in the City and State of New York and/or in other publications, in the discretion of the Controller. The notice must state that any person interested in submitting a bid for the series of the Bonds being sold may furnish in writing, at the address set forth in the notice, the person's name, address, and telephone number, and that any such person may also furnish a telex number. The notice must also state: (1) the amount of the Bonds to be offered; (2) the denominations; (3) the dates of maturity; (4) the maximum rate or rates of interest; (5) the place of sale; and (6) the time within which the name, address and telephone number must be furnished, which time must not be less than seven (7) days after the last publication of the notice. Each person so registered shall be notified of the date and time bids will be received not less than twenty-four (24) hours before the date and time of sale. The notification shall be made by telephone at the number furnished by the person, and also by telex if the person furnishes a telex number. Such notice may also include such other information as the Controller shall deem necessary. Such notice shall also provide, among other things, that each bid shall be accompanied by a certified or cashier's check or financial surety bond in an amount equal to one percent (1%) of the principal amount of the Bonds being sold to guarantee performance on the part of the bidder, and that in the event the successful bidder shall fail or refuse to accept delivery of and pay for the Bonds as soon as the Bonds are ready for delivery, or at the time fixed in BDDBOI 4347413v2 - 11 -