Authorizing execution of a cooperation agreement

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COOPERATION AGREEMENT This Agreement entered into this 27th day of November 1968, by and between The Housing Authority of the City of South Bend, Indiana (herein called the "Local Authority") and the City of South Bend, Indiana (herein called the "Municipality") , WITNESSETH: In consideration of the mutual covenants hereinafter set forth, the parties hereto do agree as follows : 1. Whenever used in this Agreement: (a) The term "Project" shall mean any low-rent housing hereafter developed as an entity by the Local Authority with financial assistance of the United States of America, Housing Assistance Administration, (herein called the "Government") ; excluding, however, any low-rent housing project covered by any contract for loans and annual contributions entered into between the Local Authority and the Government, or its predecessor agencies, prior to the date of this Agreement. (b) The term "Taxing Body" shall mean the State or any political subdivision or taxing unit thereof in which a Project is situated and which would have authority to assess or levy real or personal property taxes or to certify such taxes to a taxing body or public officer to be levied for its use and benefit with respect to a Project if it were not exempt from taxation. (c) The term "Shelter Rent" shall mean the total of all charges to all tenants of a Project for dwelling rents and nondwelling rents (excluding all other income of such Project), less the cost to the Local Authority of all dwelling and nondwelling utilities . (d) The term "Slum" shall mean any area where dwell- ings predominate which, by reason of dilapidation, overcrowding, faulty arrangement or design, lack of ventilation, light or sanitation facilities, or any combination of these factors, are detrimental to safety, health, or morals. 2. The Local Authority shall endeavor (a) to secure a contract or contracts with the Government for loans and annual contributions covering one or more Projects comprising approximately 600 units of low-rent housing and (b) to develop and administer such Project or Projects, each of which shall be located within the corporate limits of the Municipality. The obligations of the parties hereto shall apply to each such Project. 3. (a) Under the constitution and statutes of the State of Indiana, all Projects are exempt from all real and personal property taxes (and special assessments) levied or imposed by any Taxing Body. With respect to any Project, so long