Laserfiche WebLink
. , . , <br /> (i) That the C�ty wi�l cause the improvements <br /> herein provided for to be Constructed and the alloca- <br /> tion of the proceeds of the bonds hereby authorized <br /> to the pa�rment of the cost thereof promptly and <br /> expeditiously i order thatsaid improvements will be <br /> completed and p��ced in operation at the earliest <br /> possible date. <br /> Section 12. That as soon as may be after this ordinance <br /> becomes ef�ective said bonds shall be sold at such time and manner as <br /> the Council of said City m�y hereafter direct, and an award of said <br /> bonds made to the acceptable bidder upon the basis of the lowest in- <br /> terest cost to the City, but no :bid is to be considered for less than <br /> par or for bonds bearing interest at a greater rate than authorized <br /> and provided for in this ordinance. Provided further, that if the <br /> aceeptable bidder offers to purchase said bonds at not less than par <br /> and accrued interest to date of delivery beari ng interest at a rate <br /> less than six per cent (6�) per annum, as provided by this ordinance, <br /> then the Council upon making the award of said bonds to said purchaser � <br /> shall by resolution direct the officers of said City to execute and <br /> deliver the said bonds to the purch�ser to bear interest at the rate <br /> or rates specified by the bidder, and also in and by said resolution <br /> shall designate the bank or trust company to be the <br /> Paying Agent for said bonds . <br /> Section �. That the proceeds derived from the sale of <br /> the bonds hereby authorized, exclusive of acerued interest, sha,ll be <br /> placed by the City Treasurer in the "Construction Fund Account of <br /> the City of Decatur, " which is hereby created, which funds shall be <br /> kept separate and apart from all other funds of the City and deposited <br /> in � ' � � •�,, in the <br /> City of , Illinois, which said bank be and is hereby <br /> designated as the Depositary for the funds of said Cons truction Fund <br /> Account. Said funds shall be held and used solely to construct the <br /> improvements to the waterworks system of said City as provided for <br /> by this ordinance, and shall be held for the benefit of said City <br /> for the purposes herein provided, and for the benefit of the holder <br /> -19- <br />