No. 0452 authorizing the sale, issuance and delivery of project notes and the execution of requisition agreements for Neighborhood Development Program IN A-10

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i� WA . Section 3. a. The Controller of the City of South Bend is hereby authorized and directed on each date specified in a duly published advertisement of the Notice of Sale for a series of Project Notes and at the time and place mentioned therein to receive, open and review all proposals received for the purchase of Project Notes. Upon completion of the review, the contents of all proposals shall be communicated by telephone to the Government with a recommendation for award. b. The Executive Director after receiving Government approval of a recommended award is hereby authorized and directed on behalf of the Local Issuing Agency to award the Project Notes at the lowest interest rate or rates not in excess of the percentage rate per annum specified in the Contract or under State Law offered in the proposals without reference to premiums: Provided however, that as among proposals specifying the same lowest interest rate, awards shall be made on the basis of the highest premium per dollar principal amount of the Notes specified in such proposals. The Executive Director shall promptly notify each successful bidder by telegram of the principal amount of Project Notes so awarded to such bidder. Section 4. Each of the Project Notes of the Local Issuing Agency shall be in substantially the form of HUD -9010, which is incorporated herein by reference. Each series of Project Notes shall bear a date not later than the date on which they are to be delivered to the purchaser and shall mature within a term of not to exceed 18 months from their date. Each series of Project Notes shall bear interest at the rate or rates per annum fixed in the proposal or proposals accepted for the purchase of such Notes, shall be issued in such denominations, and both principal and interest thereof shall be payable at such incorporated bank having trust powers or incorporated trust company as the purchaser designates in his proposal, and shall be secured by a "Requisition Agreement" in substantially the form of HUD -9003, which is incorporated herein by reference, to be entered into between the Local Issuing Agency and the Government. Section 5. Each of the Project Notes issued in a series which has been awarded shall be executed in the name of the Local Issuing Agency by the manual or facsimile signature of the Mayor of the City of South Bend and the City Clerk of the City of South Bend is authorized and directed to date and to cause the seal of the Local Issuing Agency to be impressed, imprinted or reproduced thereon and to attest such sealing, and the aforesaid officers shall take all other actions necessary to complete delivery of any Project Notes which have been awarded. Section 6. Each Requisition Agreement securing one or more series of Project Notes shall be executed in the name of the Local Issuing Agency by the manual or facsimile signature of the President of the Redevelopment Commission and the Secretary of the Redevelopment Commission is authorized and directed to cause the seal of the Local Issuing Agency to be impressed, imprinted or reproduced thereon and to attest the same. Section 7. The Treasurer of St. Joseph County, Ex Officio Treasurer of the City of South Bend, is authorized and directed to deliver the Project Notes by signing and promptly sending after acceptance of each proposal a letter to each paying agent for such Project Notes in substantially the form of HUD -9004, which is incorporated herein by reference, and to transmit therewith (a) the Project Notes for which the addressee is the paying agent for delivery and payment and (b) a signature certificate and receipt, in accordance with the terms of the letter, and to take such other actions as may be required to complete the delivery transaction in accordance with the terms of the letter to the paying agent. Section 8. The Treasurer of St. Joseph County, Ex Officio Treasurer of the City of South Bend, Controller of the City of South Bend and the Executive Director and /or Assistant Director of the Local Issuing Agency are authorized to take all actions as may be required to validate and complete delivery of the Project Notes herein authorized to be issued from time to time. - 2 -