No. 0317 authorizing the sale, issuance and delivery of project notes and the execution of requisition agreements, IND R-56

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HUD-9000 RESOLUTION NO. 317 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-56 WHEREAS, the City of South Bend, Department of Redevelopment, (herein called the "Local Issuing 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 co tracts (which contracts and any contract in substitution thereof, together with any supplements thereto or amendments or waivers of any provisions thereof, are h2rein 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 projects) described in the Contract and herein called the "Project"; and WHEREAS, he 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, he Local Issuing Agency proposes to issue Project Notes as herein- -fter provided• . NOW, THEREFORE, BE IT RESOLVED by the Local Issuing Agency as follows: Section 1. For the purpose of providing funds to pay expenses incurred or to be incurred pursuant to the Contract or to refund, renew or extend its outstanding Notes issued in connection therewith, the Local Issuing Agency hereby determines to issue its Project Notes for purchase by the public from time to time in amounts which shall not exceed the aggregate loan amount or the Actual Development Cost specified in t Contract, as the case may be. Such Project Notes shall be in such principal amounts, bear such interest rates, be dated and mature, all as prescribed in this Resolution. Section 2. a. The Controller of the City of South Bend is hereby authorized and directed to advertise from time to time the public sale of Project Notes of the Local Issuing Agency by causing the publication of a Notice of Sale thereof in a newspaper pursuant to State Law, if required, and in The Daily Bond Buyer, a financial newspaper published in the City of New York, New York. The Notice of Sale for publication locally shall be substantially in the form of HUD-9001, which is incorporated herein by reference. The Notice of Sale to be published in the Daily Bond Buy may be included in a consolidated Notice of Sale. Each Notice of 'ale shall be ?ublished at intervals in accordance with a schedule of advertising Arranged in co3peration with the Government. Each separate issue of Project Notes advertised for 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 reference, 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 fora 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 telephone to the Government with a recommendation for award. b. The Executive Director of the Department of Redevelopment, after receiving Government approval of a recommended award,is hereby authorized and direct- ed 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 in- rate, awards shall be made on the basis of the highest premium per dollar rincipal amount of the Notes specified in such proposals. The said Executive Director shall promptly notify each successful bidder by telegram of the principal amount of Project Notes so awarded to such bidder.