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

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Section 4 substantially series of Proj to be delivere 18 months from rate or rates .f such Notes, terest thereof incorporated t be secured by which is incor Issuing Agency Pa ge 2. . Each of the Project Notes of the Local Issuing Agency shall be in the form of HUD-9010, which is incorporated herein by reference. Each 2ct Notes shall bear a date not later than the date on which they are I to the purchaser and shall mature within a term of not to exceed their date. Each series of Project Notes shall bear interest at the per annum fixed in the proposal or proposals accepted for the purchase shall be issued in such denominations, and both principal and in- shall be payable at such incorporated bank having trust powers or oust company as the purchaser designates in his proposal, and shall a "Requisition Agreement" in substantially the form of HUD-9003, 3orated herein by reference, to be entered into between the Local and the Government. Section S. 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 South Bend or his duly authorized deputy City Clerk is authorized and directed to date and to cause the seal of the City of South Bend to be impressed, imprinted or r produced thereon and to attest such sealing, and the aforesaid of.-]-icers shall take all other actions necessary to complete delivery of any Project Notes which ha e 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 tie Redevelopment Commission is authorized and directed to cause the seal of the Redevelopment Commission to be impressed, imprinted or reproduced hereon 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 PrDject Notes by signing and promptly sending after acceptance of each proposal a letter to each paying agent for such Project Notes in substantially the Co form of HUD-9034, 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 12tter, 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 required to validate and complete delivery of the Project Notes herein authorized to e issued from time to time. Section 9 series of Proj to pay any sum 'agreement rela .,ent when exec the Local Issu time of such s ized or requir (referred to i or "Permanent pledged to see series of Proj terminate as t convertible in and for the pu are deposited Section 1 (a) to the Gov be available f interest on ob which may be r to the paying to 'the Governm Junds o-'L-' the L a necessary t refunded in pa For the punctual payment of the principal of and interest on each et Notes, the Local Issuing Agency expressly and irrevocably promises which may be received from the Government pursuant to the Requisition ing to such series of Project Notes and each such Requisition Agree- ted by the Government is declared to be and is hereby assigned by ng Agency for the benefit of the holder or holders from time to ries of Project Notes. All contributions, funds and amounts author- d by the Contract to be applied to the payment of Project Loan Notes the Contract as "Project Temporary Loan obligations," "Advance Notes" otes") as issued in connection with the Project are irrevocably re the payment of the principal of and interest to maturity on each ct Notes. Such pledge and the lien created thereby shall cease and any series of Project Notes when monies or investment securities o cash not later than the maturity date of such Notes, sufficient pose of paying the principal and interest to maturity on such Notes, ith the paying agent or agents for such Notes. ). The said Executive Director is authorized and directed to pay ?rnment such amount of such funds of the Local Issuing Agency as may )r such purpose and as may be necessary to pay the principal of and -igations of the Local Issuing Agency then held by the Government funded 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 ant for transmittal to said paying agent or agents, such amount of )cal Issuing Agency as may be available for such purpose and as may ) pay the principal of and interest on such Project Notes which are ,t by succeeding issues of Project Notes.