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

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Section substantiall Each series they are to to exceed 18 interest at ed for the p both princip having trust his proposal the form of into between Page 2. 4. Each of the Project Notes of the Local Issuing Agency shall be in the form of HUD-9010, which is incorporated herein by reference. f Project Notes shall bear a date not later than the date on which e delivered to the purchaser and shall mature within a term of not months from their date. Each series of Project Notes shall bear he rate or rates per annum fixed in the proposal or proposals accept- rchase of such Notes, shall be issued in such denominations, and 1 and interest thereof shall be payable at such incorporated bank powers or incorporated trust company as the purchaser designates in and shall be secured by a "Requisition Agreement" in substantially UD-9003, which is incorporated herein by reference, to be entered the Local Issuing Agency and the Government. Section 5. Each of the Project Notes issued in a series which has been award- ed 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 113outh Bend or his duly authorized deputy City Clerk is authorized and directed to (late and to cause the seal of the City of South Bend to be impressed, imprinted or reproduced thereon and to attest such sealing, and the aforesaid officers sha 1 take all other actions necessary to complete delivery of any Project Notes which iave 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 Redevelopment Commission 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 or his duly authorized deputy 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 there- with (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 officers herein designated are authorized to take all actions as may be re uired to validate and complete delivery of the Project Notes herein authorized tZ be issued from time to time. Section series of Pr to pay any s Lion Agreeme Agreement wh by the Local time of such orized or re Notes (refer Notes" or 11P cably pledge on each seri cease and to securities c sufficient a such Notes, Section (a) to the G be available interest on which may be to the payin to the Gover funds of the be necessary refunded in 9. For the punctual payment of the principal of and interest on each ject Notes, the Local Issuing Agency expressly and irrevocably promises ms which may be received from the Government pursuant to the Requisi- t relating to such series of Project Notes and each such Requisition n executed by the Government is declared to be and is hereby assigned Issuing Agency for the benefit of the holder or holders from time to series of Project Notes. All contributions, funds and amounts auth- uired by the Contract to be applied to the payment of Project Loan ed to in the Contract as "Project Temporary Loan Obligations", "Advance rmanent Notes") as issued in connection with the Project are irrevo- to secure the payment of the principal of and interest to maturity s of Project Notes. Such pledge and the lien created thereby shall minate as to any series of Project Notes when monies or investment nvertible into cash not later than the maturity date of such Notes, d for the purpose of paying the principal and interest to maturity on re deposited with the paying agent or agents for such Notes. 10. The said Executive Director is authorized and directed to pay )vernment such amount of such funds of the Local Issuing Agency as may for such purpose and as may be necessary to pay the principal of and )bligations of the Local Issuing Agency then held by the Government refunded in part by any one or more series of Project Notes and (b) agent or agents of any then outstanding series of Project Notes, or iment for transmittal to said paying agent or agents, such amount of Local Issuing Agency as may be available for such purpose and as may to pay the principal of and interest on such Project Notes which are ,)art by succeeding issues of Project Notes.