No. 0318 authorizing the sale, issuance and delivery of project notes and the execution of requisition agreements, IND R-57

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HUD-9000 RESOLUTION NO. 318 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION, GOVERNING BODY OF THE CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT, AUTHORIZING THE SALE, ISSUANCE AND DELIVERY OF PROJECT NOTES AND THE EXECUTION OF REQUISITION AGREEMENTS, INDIANA R-57 WHEREAS, the City of South Bend, Department of Redevelopment, (herein called the "Local Is wing Agency") is undertaking the development and/or operation of one or more urban renewal, low-rent housing or redevelopment projects and may engage in such undertakings in respect to additional projects all pursuant to the terms of one or more contracts (which contracts and any contract in substitution thereof, together with any supplements thereto or amendments or waivers of any provisions thereof, are herein called the "Contract") with the United States of America (herein called the "Government") providing for a loan by the Government to the Local Issuing Agency for financing the urban renewal, low-rent housing or redevel- opment projec (s) described in the Contract and herein called the "Project"; and WHEREAS, the Local Issuing Agency proposes to obtain loans from others than the Government in anticipation of the delivery of notes to the Government, which loans shall be evidenced by negotiable short-term notes of the Local Issuing Agency (herein called "Project Notes"); and WHEREAS, The Local Issuing Agency proposes to issue Project Notes as herein- after provide o: NOW, Section to be incurre ing Notes iss to issue its which shall n specified in principal amo in this Resol Section and directed the Local Iss a newspaper p financial new Sale for publ is incorporat Daily Bond Bu Sale shall be arranged in c advertised fo EFORE, BE IT RESOLVED by the Local Issuing Agency as follows: For the purpose of providing funds to pay expenses incurred or pursuant to the Contract or to refund, renew or extend its outstand- ed in connection therewith, the Local Issuing Agency hereby determines roject Notes for purchase by the public from time to time in amounts t exceed the aggregate loan amount or the Actual Development Cost he Contract, as the case may be. Such Project Notes shall be in such nts, bear such interest rates, be dated and mature, all as prescribed tion. . a. The Controller of the City of South Bend is hereby authorized o advertise from time to time the public sale of Project Notes of ing Agency by causing the publication of a Notice of Sale thereof in .rsuant to State Law, if required, and in The Daily Bond Buyer, a paper published in the City of New York, New York. The Notice of cation locally shall be substantially in the form of HUD-9001, which d herein by reference. The Notice of Sale to be published in the er may be included in a consolidated Notice of Sale. Each Notice of published at intervals in accordance with a schedule of advertising operation with the Government. Each separate issue of Project Notes sale shall be numbered in consecutive series. b. Each proposal submitted for all or a part of any series of Project Notes shall be in substantially the form of HUD-9002, which is incorporated herein by ref rence, and is hereby approved by the Local Issuing Agency. 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 com- municated by felephone to the Government with a recommendation for award. receiving Gov ed on behalf interest rate the Contract premiums; Pro terest rate, -)rincipal amo Director shal amount of Pro b. The Executive Director of the Department of Redevelopment, after !rnment approval of a recommended award, is hereby authorized and direct- )f the Local Issuing Agency to award the Project Notes at the lowest or rates not in excess of the percentage rate per annum specified in )r under State Law offered in the proposals without reference to rided however, that as among proposals specifying the same lowest in- twards shall be made on the basis of the highest premium per dollar ant of the Notes specified in such proposals. The said Executive - promptly notify each successful bidder by telegram of the principal iect Notes so awarded to such bidder.