Authorizing the Issuance and Sale of Bonds

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the property of its citizens and will be of general benefit to the entire City; 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 sometimes referred to as the "City "), by and through its Board of Public Works and Safety, take steps for the acquisition of land, easements and rights -of -way and the construction thereon of major arterial streets to extend the inner belt street system; for the construction and equipping or the remodeling and equipping of a building for use as a fire station and the acquisition, improvement and landscaping of any land necessary as a site therefor; construction of sewers; construction, reconstruction and improving of streets, as recommended by the Board of Public Works and Safety. Section 2. For the purpose of providing funds with which to pay the cost of said .projects and the engineering, architectural, appraisal, abstracting, title insurance and legal fees and expenses incidental thereto and the expenses and legal fees incidental to the issuance of said bonds, the City shall make a loan in the amount of One Million Five Hundred Thousand Dollars ($1,500,000). In order to procure said loan, the City Controller is hereby authorized and directed to have prepared and to issue and sell the negotiable general obligation bonds of the City, to be designated as "Municipal Bonds of 1967 ", in the aggregate principal amount of One Million Five Hundred Thousand Dollars ($1,500,000), which bonds shall be issued in the denomination of Five Thousand Dollars ($5,000), shall be numbered consecutively from 1 to 300 inclusive, shall be dated as of the first day of the month in which said bonds are sold, and shall bear interest at a rate not exceeding five per cent (5%) per annum (the exact rate to be determined by bidding), which interest shall be ,payable on December 1, 1967, 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 First Bank and Trust Company of South Bend, 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: -2-