No. 0413 authorize issuance of bands for the purpose of defraying expenses - Project IN R-66

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E C WHEREAS, the Commission finds that in order to provide funds for the payment of part of the costs of the Central Down- town Project, it will be necessary to issue bonds of the Redevelop- ment District in the amount of Three Million and Eight Hundred Thousand Dollars ($3,800,000) ; Now Therefore, be it RESOLVED by the South Bend Redevelopment Commission that: 1. For the purpose of providing funds to be used in paying the acquisition, clearance, rehabilitation, site improve- ment and renewal of property described in Commission Resolution No. 215, and incidental costs necessary to be incurred in carrying out said Projects, the City of South Bend, acting for and on behalf of the South Bend Redevelopment District, shall make a loan in the amount of Three Million and Eight Hundred Thousand Dollars ($3,800,000). In order to procure said loan, the City Controller is hereby authorized and directed to have prepared and to issue and sell the negotiable bonds of the City, payable solely out of a special tax to be levied on all property within said District, to be designated as "Redevelopment District Bonds of 1972 ", in the aggregate principal amount of Three Million and Eight Hundred Thousand Dollars ($3,800,000), which bonds shall be issued in the denomination of Five Thousand Dollars ($5,000), shall be numbered consecutively from 1 to 760, shall be dated as of the first day of the month in which such bonds are sold, and shall bear interest at a rate not exceeding six percent (6 %) per annum (the exact rate or rates to be determined by bidding), which interest shall be payable on the first day of July, 1973, and semi - annually thereafter on January 1 and July 1 of