No. 0315 authorizing the sale, issuance and delivery of project notes in the aggregate principal amount of $270,000 and the execution of requisition agreement No. 401970

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S ction 4. Each Note shall be dated October 14, 1970, shall be payablE as to both principal and interest to bearer, on July 9, 1971, and, pursuant to each proposal for the purchase of said Notes herein - above accepted, shall bear the rate of interest per annum, payable at maturi y; shall bear the numbers and be in the denominations; and shall be pay ble as to both principal and interest at the incorporated bank having trust powers or incorporated trust company, as follows: Purchaser Interest Numbers Denominations Rate Payable At First Bank and Trust 1 $270,000 4.10% First Bank and Compan of South Trust Company Bend of South Bend South Eend, Indiana South Bend, Indiana None oi such Notes shall be valid until after the bank or trust company at whi h it is payable shall have signed the agreement, appearing on each Note, o act as paying agent thereof. Each such Note shall be executed in the name of the Local Issuing Agency by the manual or facsimile sig- nature of the Mayor of the City of South Bend and shall have the corporate seal ol said city impressed, imprinted or reproduced thereon and attested by the City Clerk of The City of South Bend, and said officers are hereby authorized and directed to cause said Notes to be properly executed. Section 5. Each such Note shall be in substantially the form of HUD-9010, which is incorporated herein by reference, and shall be secured by an zgreement entitled "Requisition Agreement No. 4- 1970" (herein called the "R quisition Agreement "), in substantially the form of HUD -9003, which is inc rporated herein by reference, to be entered into between the Local Issuin ( Agency and the Government. Section 6. The Requisition Agreement shall be executed in the name of the Local Issuing Agency by the manual or facsimile signature of the Presid nt of the Local Issuing Agency and shall have the corporate seal of the Local Issuing Agency impressed, imprinted or reproduced thereon and attested by the Secretary, and said officers are hereby authorized and di ected to cause the Requisition Agreement to be properly executed. Section 7. For the punctual payment of the principal of and interest on the New Project Notes, the Local Issuing Agency hereby expressly and irrevocably promises to pay any sums which may be received from the Gov- ernment pursuant to the Requisition Agreement relating to such series of Project Notes and said Agreement, when executed by the Government, is hereby declared to be and is hereby assigned by the Local Issuing Agency for the benefit of the holder or holders from time to time of the New Project Notes. All contributions, funds and amounts authorized or re- uired by the Contract to be applied to the payment of Project Loan Notes referred to in the Contract as "Project Temporary Loan Obligations ", "Advance Notes" or "Permanent Notes ") as issued in connection with the Project are hereby irrevocably pledged to secure the payment of the principal of and interest to maturity on the New Project Notes. Such pledge and the lien created thereby shall cease and terminate when monies or investment securities convertible into cash not later than the maturity date o the New Project Notes, sufficient and for the purpose of paying the principal and interest to maturity on such Notes, are deposited with the paying agent or agents for such Notes. Notes , Agency receip Requis !ction 8. The proceeds derived from the sale of the New Project together with such amount of other funds of the Local Issuing as may be necessary, shall be applied, simultaneously with the of said proceeds, in accordance with the provisions of the tion Agreement. -2-